Australian mining company Many Peaks has raised A$5.2 million through a private placement to fund exploration at the Odienné and Ferké gold projects in Ivory Coast. Drilling is currently underway at the Odienné mine to test 26 km of gold anomalies.
Institutional and professional investors have committed to a two-tranche placement of 23.6 million shares at 22 cents each. In the first tranche, 13.7 million shares worth approximately A$3 million will be issued using the company’s 25% placement capacity. In the second tranche, 9.9 million shares worth approximately A$2.1 million will be issued – pending shareholder approval – at a general meeting expected this July.
Last March, Many Peaks secured an 85% stake in the Ferké, Oumé and Odienné projects from exploration companies Turaco Gold and Predictive Discovery. The company committed to solely fund exploration up to the feasibility study stage. Following the acquisition, Many Peaks initiated a 6,500-m reconnaissance drilling campaign to examine 26 km of gold anomalies across two sub-parallel structural trends at Odienné.
Travis Schwertfeger, Many Peaks Executive Chairman, stated: “Many Peaks is pleased with the enthusiasm of our existing and new shareholders in the recent placement, and we look forward to updating the market on drilling and assay results in the coming months.”
