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Perth, Nov 25, 2011 (ABN Newswire) - Peel Mining Limited (
ASX:PEX) is pleased to advise that it has placed the full amount of Shortfall arising from the Company's Non-Renounceable Entitlement Issue offer document dated 6 October 2011. The Company received strong interest in the Shortfall from various parties including existing shareholders and institutional investors and subsequently placed 5,434,958 shares raising an additional A$652,195. This completed the Entitlement Issue.
Peel is also pleased to advise that follow-up drilling at the Company's exciting 4-Mile Cobar-style polymetallic discovery has now commenced. The current programme will see about 18 RC and RC precollar/diamond tail drillholes completed for a total of about 5,000m. The drilling is designed to test along strike and down-dip from previously intercepted high-grade base-precious metals mineralisation. It is anticipated that this drilling will be completed prior to Christmas.
ASX:PEX) is pleased to advise that it has placed the full amount of Shortfall arising from the Company's Non-Renounceable Entitlement Issue offer document dated 6 October 2011. The Company received strong interest in the Shortfall from various parties including existing shareholders and institutional investors and subsequently placed 5,434,958 shares raising an additional A$652,195. This completed the Entitlement Issue.Peel is also pleased to advise that follow-up drilling at the Company's exciting 4-Mile Cobar-style polymetallic discovery has now commenced. The current programme will see about 18 RC and RC precollar/diamond tail drillholes completed for a total of about 5,000m. The drilling is designed to test along strike and down-dip from previously intercepted high-grade base-precious metals mineralisation. It is anticipated that this drilling will be completed prior to Christmas.
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About Peel Mining Limited
Peel Mining Limited (ASX:PEX) is an Australian company focused on exploring and developing precious, base and specialty metals resources in New South Wales and Western Australia, Australia.
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