Peninsula Energy completed the retail component of its fully underwritten 1-for-4 accelerated non-renounceable entitlement offer, raising approximately $39.8 million at 10 cents per share.

The retail component offer closes the company's $105.9 million total equity raising.

The retail entitlement offer garnered applications for approximately 171.2 million shares, raising $17.1 million.

The remaining shortfall of 227 million shares will raise about $22.7 million and will be issued to the entitlement offer's underwriters.