Peninsula Energy Limited announced a placement and share purchase plan

Peninsula Energy Limited (ASX:PEN) announced that it had successfully completed a placement to high-quality previous and new sophisticated and institutional investors to raise AU$32 million. The placement includes the issue of approx. 244 million fully paid ordinary shares at AU$0.131 per new share. The issue price indicates a 15.5% discount to the last ASX traded price and a 23.2% discount to the 20-day VWAP.

In addition to the placement, the company also plans to launch a non-underwritten share purchase plan to eligible shareholders to raise up to a maximum of AU$3.0 million. Funds raised via the placement and SPP will be used to complete the continuing works program of transitioning the Lance Projects to the low-pH ISR process, to restart production operations  within the Ross Production Area, and for the development of the Kendrick Production Area.

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