6910 search
Peak Resources Limited
AUSTRALIA PEK.AX 0,11 AU$ 0,00%
Logo

Funding Received

Publié le 22 septembre 2016

22nd September 2016

Funding Received

Peak Resources Limited ("Peak") (ASX: PEK) or the ("Company") is pleased to advise that Stage 2 of the Appian Natural Resources Fund ("Appian") and International Finance Corporation ("IFC") investment into Peak's majority owned associated company, Peak African Minerals ("PAM") has now been completed by Appian and the funds have been received by PAM. (refer ASX announcement titled "Appian Stage 2 funding proceeds and convertible note funds received". Dated 30th December 2015). The Stage 2 investment provides ~A$3.1M of funding towards the completion of the Bankable Feasibility Study ("BFS").

In addition, Peak has drawn down the US $ equivalent of approximately AUD $4.1 million under the loan facility provided by Appian (see announcement titled "Restructured funding package set to deliver Ngualla BFS" dated 26th April 2016) and those funds have been received by Peak.

On the completion of the Stage 2 investment into PAM by IFC (expected to be complete in the next week), Peak will retain a 75% equity interest in PAM and Appian and IFC will hold a 20% and 5% equity interest respectively.

Following completion of the above, the planned Stage 2 investment by IFC and finalisation of the issue of the outstanding shares to be issued to Appian and IFC the Company is fully funded for completion of the BFS.

With the Company now well advanced down the development path and with increased workload associated with Appian's new investments both the Company and Appian have agreed that Mr. Robin Mills, a nominee of Appian, will now step down as Non-executive Director of the Company effective 3rd October 2016. Appian retains the right to two nominees on the Company's Board with Mr John Jetter remaining as one of their nominees.

The Company wishes to sincerely thank Robin for his valuable contribution and wise counsel during his directorship and we wish him well with his substantive other commitments.

For and on behalf of Peak Resources Limited.

Darren Townsend

Managing Director

Peak Resources Limited Ground Floor, 5 Ord Street, West Perth, Western Australia 6005. PO Box 603, West Perth 6872. ASX: PEK ACN 112 546 700 Telephone: +61 8 9200 5360 info@peakresources.com.au www.peakresources.com.au Company Secretary: Graeme Scott

Non-executive Chairman: Peter Harold Managing Director: Darren Townsend Technical Director: Dave Hammond Non-Executive Directors: Jonathan Murray, John Jetter & Robin Mills

Les autres articles de la compagnie
Peak Resources sees bright future for Tanzania magnet metals
Asian Equities News 2015-07-20: Tanzanian Rare Earth Drillin
BFS Funding of ~A$29.5 Million Finalised as Formal Agreement
Articles en illimité et contenus premium Je m'abonne
Editoriaux
et Nouvelles
Actions
Minières
Or et
Argent
Marchés La Cote
search 6910
search