Peak Resources
ASX-listed Peak Resources has received firm commitments from the IFC and Appian for $815 348 towards the issuance of a total of 16 306 957 shares in Peak.

Following the pro-rata entitlement, rare earths developer Peak Resources has received commitments from the International Finance Corporation (IFC) and Appian Pinnacle Holdco, a company associated with Appian Natural Resource Fund for $815 348 for the issuance of a total of 16 306 957 shares in Peak Resources.

The issue of the shares will result in Appian holding a 16.35% shareholding interest in Peak and IFC a 5.35% shareholding interest in Peak.

Peak Resources confirms that the shortfall offer is now closed and the remaining shortfall shares will not be placed.

Upon completion of the issuance of the shares the company will issue the draw down notice to Appian for the US dollar equivalent of approximately A$4.1 million.

This in conjunction with existing funds on hand and the receipt of Stage 2 funding of approximately $3.1 million that is currently awaiting final regulatory approval which will ensure the company is fully funded for its share of the costs for completion of the Bankable Feasibility Study (BFS) expected in early 2017.

With these new funding arrangements in place, Stage 3 of the previously-announced project financing by Appian and IFC into Peak African Minerals, the Ngualla joint venture company, is no longer required.

As a result, Peak will increase its final direct ownership in the project to 75%, from the initially envisaged 62.5%, while Appian and IFC will own 20% and 5% respectively.