Peninsula Minerals (ASX: PEN) has reported the completion of the placement (Shortfall Placement) of a further 65,971,169 ordinary shares (together with one free attaching option for every four shares) pursuant to the Entitlement Issue.
The shares placed represent the total shortfall from the Entitlement Issue not taken up by shareholders.
The Shortfall Placement has been completed at an issue price of 4 cents per share and has
raised over A$2.6 million before costs.
The total funds raised from the Placement, the Entitlement Issue and Shortfall Placement total A$10 million (before costs).
The Shortfall Placement was managed by Hartleys Limited who acted as broker in respect of the Placement and the Entitlement issue.
The allotment of the Shortfall Placement shares was completed on 10 May 2010.
Gus Simpson, Peninsula’s executive chairman stated “we are very pleased with the successful completion of the Entitlement Issue in addition to the strong demand received in respect of the placement, an indication of the quality of the company’s uranium projects particularly in the current volatile market.”
The funds raised pursuant to the placement and Entitlement Issue will be used to fund the
development and exploration of Peninsula’s uranium projects including:
- Resource and exploration drilling at the Lance Projects in Wyoming, USA, where an
initial JORC compliant resource of 15.1Mlbs was announced in April 2010;
- Feasibility studies at the Lance Projects in Wyoming, USA, where a prefeasibility study is expected to be completed in May 2010; and
- Drilling and commencement of an independent scoping study at the Karoo Projects in
South Africa.