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 exercise price of $0.25 on or before July 31, 2014. The placement will be completed in two tranches as follows:
• Tranche One - Approximately 15.5 million shares (approximately $2.64 million) will be issued under the Company's 15% issuance capacity; and
• Tranche Two - Approximately 16.8 million shares (approximately $2.86 million) will be issued following shareholder approval at a general meeting of the Company to be held towards the end of August 2012. Options relating to the second tranche of the Placement shares will also be subject to shareholder approval.
The Placement was oversubscribed. Certain Directors of the Company intend to participate in Tranche Two of the Placement, subject to shareholder approval. Existing shareholders in Peak will be provided with the opportunity to subscribe for up to $15,000 worth of shares under a Share Purchase Plan ("SPP"), capped at $2.0 million, on the same terms as the Placement. Options to be issued to subscribers under the SPP will also be subject to shareholder approval. Participation in the SPP will be open to shareholders who were holders of Peak shares on the register at 7.00 pm ET on July 26, 2012, being the record date.
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