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Peak Resources to raise A$6M via rights issue

said May 9 that itplans to raise just over A$6 million through a nonrenounceable entitlement offeringon the basis of 10 common shares at 5 Australian cents apiece for every 36 sharesheld by eligible shareholders May 12.

A maximum of120,660,433 new common Peak shares can be issued under the offering. The financingis not underwritten, but a shortfall facility will allow eligible shareholders toapply for additional shares that are not subscribed for.

The companyflagged its plan to raise about A$7 million in April, saying it plans to use the proceeds for the bankable feasibilitystudy on the Nguallarare earth project in Tanzania. The miner earmarked A$4.6 million of the funds forthe feasibility study, A$1.6 for administration costs and A$800,000 for workingcapital.

Peak expectsto close the entitlement offering June 3.