Peak Resources Limited (PEK.AX) (PKRLY) (PKRLY) announced that the Company has received commitments from institutional and accredited investors to raise $5.5 million through a private placement. Proceeds from the placement will be used for exploration, scoping studies and metallurgical test work at its Ngualla rare earth project, as well as general working capital needs.

Peak Resources sold approximately 32.3 million units at $0.17 per share, with each unit representing one share of the Company's common stock and an option to purchase one share of the Company's common stock at an ...