Peak Resources Limited (ASX: PEK) (“Peak” or the “Company”) is pleased to announce it has received binding commitments for a placement of fully paid ordinary shares in the Company at an issue price of $0.04 (“New Shares”) to sophisticated, professional and other exempt investors pursuant to section 708 of the Corporations Act 2001 (Cth) to raise up to approximately A$6,300,000 before costs (“Placement”).
Participants in the Placement will, subject to shareholder approval, receive one attaching quoted option, exercisable at A$0.06 within 24 months from the date of shareholder approval, (“Listed Option”) for every three New Shares subscribed for and issued pursuant to the Placement.
The New Shares will be issued in two tranches; Tranche 1 will be issued under the Company’s 15% placement capacity and is expected to be completed on 2 May 2018 with $3,440,000 receivable and 86,000,000 New Shares to be issued. Tranche 2 will be subject to the receipt of shareholder approval at a General Meeting of shareholders to be convened on or around late May 2018. Tranche 2 will see the issue of a further 71,500,000 New Shares for an additional $2,860,000.
Directors and staff subscribed for $240,000 worth of New Shares which will be issued subject to approval by shareholders as required.
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