Peak Resources (ASX:PEK) said today that its rights issue made in December has closed oversubscribed, and that the company has received share subscriptions totalling $3.5 million. Proceeds from the offering will be used to complete a reserve estimate and prefeasibility study on the Ngualla project in Tanzania.
As quoted in the press release:
The Company proposes to issue all of the shares made available under the Entitlement Offer. In addition, the Company has resolved to issue additional shares (being those Peak shares subscribed in excess of the Entitlement Offer shortfall) out of its 15% placement capacity under the Listing Rules.