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Peninsula Mines completes second tranche of $600,000 placement

Funds of up to $1.6 million raised from the placement and share purchase plan will be used to advance Korean flake graphite strategy.

Bags of cash
Drilling and test work is proposed at the Gapyeong project

Peninsula Mines Ltd (ASX:PSM) has completed the second tranche of a placement to sophisticated and professional investors raising around $600,000.

Share purchase plan (SPP) offer documentation has also been sent to eligible shareholders.

The total amount raised from the placement and SPP will be up to $1.6 million before costs.

READ: Peninsula Mines presses forward with Korean graphite commercialisation strategy

Placement first and second tranches resulted in the issue of almost 92 million shares raising $551,120.

Directors intend to participate

Directors are intending to participate to the amount of $65,000, of which the placement component will be subject to shareholder approval at the company’s annual general meeting.

Fund raised will primarily be used to fund proposed drilling of the company’s flagship Gapyeong Flake Graphite Project in South Korea and complete metallurgical testing.

Aim to supply lithium-ion battery anode market

This work is aimed at producing high-purity spherical graphite to supply South Korea’s growing lithium-ion battery anode market.

Peninsula will also carry out drill testing at its Ubeong Zinc Project and/or Osu Gold-Silver Project, both also in Korea, should sufficient funding be raised.

READ: Peninsula Mines seeks to raise $600,000 from shareholders in share purchase plan

The SPP allows eligible shareholders to participate in the capital raising on the same terms as the placement.

It will include the issue of about 100 million fully-paid ordinary shares at 0.6 cents per share to raise around $600,000.

In addition, for every two placement shares issued, the company will issue one option with an exercise price of 1 cent per option and an expiry date of April 30, 2020.

READ: Peninsula Mines raises $600,000 to support flake graphite resource drilling in Korea

The issue of placement options and SPP options is subject to shareholder approval.

Peninsula Mines also intends to seek quotation of the placement and SPP options.

If shareholder approval is not obtained the options will not be issued.

Quick facts: Peninsula Mines Ltd

Price: 0.003 AUD

ASX:PSM
Market: ASX
Market Cap: $3.51 m
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