Perth, Nov 19, 2009 (ABN Newswire) - Peel Exploration (ASX:PEX) are pleased to announce the Company has placed the entire shortfall of 7,015,517 ordinary shares from its recent entitlements issue with Point Nominees Pty Ltd, the private investment vehicle of Perth businessman Graham Hardie.
The Shortfall Placement has been completed today at 10 cents per share and has raised A$701,551.70 before costs.
The shortfall represents the number of shares not taken up by shareholders under Peel's 1:3 pro-rata non-renounceable entitlements issue Prospectus of August 24, 2009.
Proceeds from the Entitlements Issue and the Shortfall Placement would be applied to an infill drilling programme at Peel's high-grade Attunga Tungsten Deposit, further work on the recently discovered copper-gold mineralisation at the Attunga Copper Mine, and exploration of the conditionally-acquired May Day gold and base metals deposit near Cobar, in New South Wales.
Following the allotment of the Shortfall Placement the Company will have a total of 41,235,917 ordinary shares on issue.
About Peel Exploration Limited
Peel Exploration (ASX:PEX) is a specialty, precious and base metals explorer with six 100%-owned tenements covering about 950 km2 in the New England Fold Belt region of northern New South Wales. Peel Exploration believes the New England Fold Belt, particularly the portion located in northern NSW, represents a unique opportunity for exploration. The area has a rich mining history with numerous mineral discoveries including Mount Morgan, Gympie, Mount Rawdon, Cracow, Hillgrove, Timbarra and Twin Hills. Yet despite this rich mineral endowment, the Belt remains poorly explored with minimal modern exploration.
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