Peel Mining Ltd. said April 4 that St Barbara Ltd. has agreed to subscribe for 16 million Peel shares, representing about a 9.5% stake in the company.
St Barbara will subscribe for Peel shares at 20.5 Australian cents apiece, for a total of A$3.3 million.
Peel plans to use the proceeds to accelerate upcoming work programs, including further drilling at its wholly owned Wagga Tank zinc-lead-copper prospect in New South Wales, Australia.
The Wagga Tank drill program is scheduled to restart in April.
Additionally, drilling is continuing at the JOGMEC-funded Wirlong copper discovery, part of the Cobar Superbasin project, while a drill program restarted at the T1 prospect at Mallee Bull copper project, targeting high-grade zinc-lead-silver mineralization for metallurgical test work purposes.