Peel Mining Ltd’s (ASX:PEX) major shareholder and gold producer St Barbara Ltd (ASX:SBM) has increased its stake in the company by 4.34 million shares.
St Barbara acquired the shares via the late-2018 rights issue for $1.56 million and increased its holding to 39.09 million shares for a 16.1% stake in the company.
While St Barbara's shareholding increased by 4.34 million shares since its last notice, the placement conducted earlier this month diluted its percentage holding downwards.
READ: Peel Mining raises $7 million to take Cobar projects towards development
In early June 2019, Peel raised $7 million via a share placement to fund mining scoping studies at its Wagga Tank-Southern Nights and to continue pre-development activities at Mallee Bull.
Both projects are located in the Cobar region of New South Wales.