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Peak Resources raises 30% of A$6M rights issue

Perth, Australia-based PeakResources Ltd. closed its previously announced rights issue on June 10, raising around 30% of the intendedA$6.0 million, according to a June 16 statement.

Of the 120,660,433 shares on offer, the company received applicationsfor 15,964,035 new shares from eligible shareholders, representing approximately13.2% of shares offered, to raise approximately A$798,202.

Another 20,335,785 shortfall shares were taken up, leaving abalance of 84,360,613 shares.

International Finance Corp., which currently owns a 2.31% stakein the company, plans to participate in the shortfall offer and increase its shareownership to 5.34%.

The company said it does not intend to place the remaining shortfallshares and instead will draw down on a loanfacility with Appian Natural Resource Fund.