NewPeak Metals raises $3.5M for gold project

• NewPeak Metals secured firm commitments to raise $3.5 million through a two-tranche share placement.
• The placement will issue approximately 269.2 million fully paid ordinary shares at a price of $0.013 per share.
• The capital will fund the completion of the current drilling programme and mineral resource estimation at Las Opeñas.

NewPeak Metals (ASX:NPM) secured firm commitments for a $3.5 million share placement to advance its Las Opeñas Gold Project.

The company stated that the placement received bids substantially exceeding the initial fundraising target following recent exploration success at the site.

"This strongly supported raise is a clear vote of confidence in NewPeak's strategy and the exciting potential we are now unlocking at Las Opeñas," said NewPeak Metals Managing Director Mark Purcell.

The transaction will issue approximately 269.2 million new shares at $0.013 each across two tranches, subject to shareholder approval in late August.

Following the announcement, the NewPeak Metals share price was unchanged at $0.013.

The company expects to receive assay results from the remaining five exploration holes within the next three to five weeks.