West Peak Iron (ASX: WPI) was formed from an IPO in late 2010 to target tenements prospective for iron ore and other minerals in Western Australia.
West Peak Iron (ASX:WPI) is aiming to raise about A$1.3 million as directors demonstrate confidence in the company’s move to embrace new opportunities after the suspension of its Liberian mining operations.
The fundraiser will include the issue of up to 15 million shares at A$0.02 per share to company directors for $300,000 plus a 51 million-share placement at the same price to raise a further $1 million.
The share placement authority was approved by shareholders at the West Peak annual general meeting in November.
The move follows the settlement of all financial commitments pursuant to the company operations in Liberia and the closure of the West Peak office in the West African country.
Exploration activities in Liberia had been largely suspended during the period following the recent Ebola crisis in the region.
West Peak continues to review and appraise new commercial opportunities both within and outside the mining sector and will advise the market of any developments in this regard if and when they eventuate.
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