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Peel Mining Ltd

Peel Mining gets cash injection from option exercise

St Barbara Ltd (ASX:SBM) recently lifted its stake in Peel to 17.9%.

hands dropping coins into three jars full of coins
The company's underwritten $8.7 million rights issue closes this afternoon

Peel Mining Ltd (ASX:PEX) will receive $26,000 after 100,000 shares were issued due to employee and contractor incentive options being exercised at 26 cents.

The company has continued to forge ahead in 2018 with activity and success across multiple projects.

Focus on Cobar basin bearing fruit

Foremostly, at the emerging discovery of the high-grade Southern Nights zinc-lead-silver prospect within the Wagga Tank Project near Cobar in New South Wales.

Also of note, the successful spin-out of the Apollo Hill Gold Project and encouraging progress on the pre-feasibility study to mine the high-grade Mallee Bull Copper Project.

READ: Peel Mining's substantial holder St Barbara lifts stake

Peel has also had some exceptional copper hits at its Wirlong Project near Mallee Bull in the Cobar region.

Wirlong is shaping up as a typical Cobar-type deposit, with many similarities to Glencore’s CSA copper mine.

READ: Peel Mining raising $12.3 million to advance Mallee Bull towards production and deliver Wagga Tank resource

Last month, Peel successfully completed an oversubscribed placement raising $3.6 million and opened a fully underwritten $8.7 million rights issue, for total funding of $12.3 million.

The placement was strongly supported, with St Barbara Ltd (ASX:SBM) subscribing for $1.8 million, and the balance placed to institutional, sophisticated and strategic investors.

The capital raised will fund exploration including the delivery of a maiden JORC Resource at Wagga Tank and advance Mallee Bull towards production.

Quick facts: Peel Mining Ltd

Price: $0.28

Market: ASX
Market Cap: $66.75 m
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Peel Mining 'on time and on budget' to reveal maiden resource at Wagga Tank

Peel Mining Ltd (ASX:PEX) managing director Rob Tyson visits the Proactive Perth studio to discuss the latest results from ongoing drilling at the Wagga Tank zinc-polymetallic project in Western NSW. Three drill rigs are active on site, with a maiden JORC resource slated to be revealed in...

on 25/1/19

2 min read