Many Peaks taps investors for $13.5m in overnight private placement

West Perth-based junior Many Peaks Minerals is a step closer to its inaugural mineral resource estimate at the Ferké gold project in Côte d’Ivoire, following an overnight private capital raise.

The Travis Schwertfeger-led company told the market on Wednesday that it had conducted an overnight capital raise, tapping existing high net worth investors for $13.5 million.

Under the placement, which was co-managed by Blackwood Capital and Canaccord Genuity, approximately 18.75 million new fully-paid ordinary shares were issued at 72 cents per share – a figure which represents a 5 per cent premium to the company’s 15-day volume weighted average price at the close of trade on July 15.

Earlier this month, Many Peaks confirmed it had filed documents with Ivorian firm Magic Mineral Structure to establish a binding, earn-in joint venture.

As a result of this, the junior said MMS’ Ferké South permit application would not only increase the size of the project by 74 per cent, to 521km square kilometres, but the mineralised corridor also rose by 125 per cent.

The junior said funds from the capital raise would be put towards drilling and studies related to the inaugural MRE.

Many Peaks last traded at 81.5 cents, down 2 per cent, as of 1.51pm AWST.