NewPeak Metals (ASX:NPM) raises $205,000 in share placement, eyes further growth
Business news
NewPeak Metals completed a share placement, raising $205,000 by issuing around 13.7 million shares at 1.5 cents each to Gerhard Redelinghuys, founder of Bowen Coking Coal.
The issuance is part of a larger placement, with an additional subscription of 6.3 million shares by Redelinghuys expected, aiming to contribute $95,000 towards the total goal of $500,000.
The raised funds, along with a planned rights issue of at least $500,000, will bolster liquidity, finance exploration activities on Canadian properties and new acquisitions, and cover general working expenses.