Many Peaks Minerals has successfully raised A$5.2 million ($3.45 million) in equity from a limited number of high-net-worth and institutional investors within 24 hours.
The funds would be used to expedite exploration across a vast expanse of gold-anomalous geochemistry, with early but "very encouraging" drilling results at the Odienne and Ferke gold projects in northwest Côte d'Ivoire.
The company said it has secured solid commitments for a two-tranche placement of about 23.6 million new fully paid ordinary shares for A$0.22 (US 15 cents) per share.
Its last closing price of A$0.22 per share was the basis for the placement price, which reflected a 1 per cent discount to the company's 15-day volume-weighted average price through the close of trading on June 3.
Applications were reduced to an agreed-upon A$5.2-million level, as the placement, which is overseen by investment firm Blackwood Capital, received substantial support.
The placement was made accessible to professional and institutional investors.
Applications were primarily received from existing shareholders, including several new shareholders who have actively participated in recent on-market buying following Many Peaks' acquisition of permits covering 1,275 km² in Côte d'Ivoire and several long-term supporters of the company, according to Many Peaks.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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