Peak has received commitments for an AU$27.5 million placement

Peak Rare Earths Limited (ASX: PEK) reported that it has secured commitments to close an AU$27.5 million two-tranche institutional placement for the issuance of 55 million new fully paid ordinary shares at an offer price of AU$0.50 per New Share. Tranche one of the Placement is projected to raise about AU$14.3 million, while tranche two of the Placement, subject to shareholder approval, is projected to raise around AU$13.2 million.

Shenghe Resources (Singapore) Pte Ltd, Peak's largest stakeholder, has agreed to increase its shareholding through the Placement to 19.9% (from 19.8% currently). The funds raised via placement will be used to cover Pre-Final Investment Decision Development costs and other corporate, exploration costs.

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