pensana rare earths
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ASX-listed Peak Resources has received binding commitments for shares in the company at an issue price of $0.04 investors to raise up to approximately A$4.8 million.

Peak Resources welcomes a number of new institutional investors to the share register introduced by Joint Lead Manager to the Placement, Aitken Murray Capital Partners.

The New Shares will be issued under the company’s 15% placement capacity and is expected to be completed on or around 6 August 2019 with $4,795,535 receivable and 119,888,380 New Shares to be issued.

The primary uses of funds from the placement will be applied to:

  • Teesside and Ngualla Project final permitting and development costs; and
  • costs associated with marketing and negotiating offtake and project financing; and
  • retire some debt to Appian; and
  • cover general operating expenses

Rocky Smith, CEO of Peak Resources comments:

“We have again experienced very strong interest from investors for this capital raising. We are grateful for the continued support of the company’s shareholders and also pleased to welcome a number of new institutional investors in Peak Resources.

“The recent media coverage has highlighted the importance of rare earths use in industrial applications, the growth in demand that can be expected to come through the electrification revolution, and the vulnerability of REO supply chain through its over-reliance on China as the primary source of supply.

“These factors coupled with the outstanding attributes of the Teesside refinery site and natural benefits of the tier one Ngualla deposit really set Peak apart for an exciting future”.