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Peninsula Mines completes SPP and placement, raising $886,000

Funds will go “straight into the ground” to drill flagship South Korean flake graphite project.
Increasing amounts of cash in jars
Funds will go “straight into the ground” to drill flagship South Korean flake graphite project.

Peninsula Mines Ltd (ASX:PSM) has closed a share placement plan (SPP), raising an additional $270,300 and taking the total funds raised in a placement and SPP to $886,420.

There were more than 45 million shares issued in the SPP.

Total funds raised including directors’ subscriptions of $65,000 that are subject to shareholder approval at the company’s annual general meeting on November 9, 2018.

READ: Peninsula Mines drilling Gapyeong for maiden graphite resource

Peninsula’s managing director Jon Dugdale said, “We are very pleased with the strong support of our shareholders and new investors that subscribed under the placement and SPP.

“The money is going straight into the ground, drilling our flagship, high-grade, Gapyeong Flake Graphite Project in South Korea.”

One option will be issued for every two shares subscribed for in the placement and SPP with an exercise price of 1 cent per option and an expiry date of April 30, 2020.

Following completion of the September placement, a drilling program commenced in South Korea.

This is initially testing the Osu Gold-Silver Project followed by initial drilling of the flagship, high-grade, Gapyeong project.

READ: Peninsula Mines progresses Korean graphite commercialisation strategy

After the initial drilling, Peninsula plans to complete metallurgical testing aimed at producing high-purity spherical graphite to supply the lithium-ion battery anode market in South Korea.

Results from the ongoing drilling program will be reported in due course.

South Korea is one of the world’s largest producers of lithium-ion batteries, but obtains downstream graphite products, including spherical graphite for lithium-ion battery anodes, predominantly from China.

Peninsula has identified the opportunity to mine and process graphite to produce value-added spherical graphite, in South Korea, to directly supply battery manufacturers and other graphite end-users in-country.

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