Many Peaks Minerals raises $5.2m through strongly supported private placement
Proceeds will accelerate exploration at the Odienné and Ferké gold projects in Cote d’Ivoire
Drilling is already underway at Odienné to test 26km of gold anomalies
Special Report: Investors have demonstrated their confidence in Many Peaks Minerals and its plans to accelerate exploration at its promising Odienné and Ferké gold projects in northwest Côte d’Ivoire by backing a $5.2m private placement.
Many Peaks Minerals (ASX:MPK) secured the right to earn up to 85% in the Ferké, Oumé and Odienné projects from Turaco Gold (ASX:TCG) and Predictive Discovery (ASX:PDI) less than a month ago by agreeing to sole-fund exploration to the feasibility study stage.
The projects cover a 1275km2 area and are adjacent to some of West Africa’s biggest gold deposits.
Odienné comprises two granted exploration permits covering 758km and is directly north of Centamin’s 2.2Moz ABC project.
It is also contiguous with the Awalé-Newmont joint venture ground along trend to the south, where Awalé as operator is demonstrating Odienné is an emerging copper-gold district with its recent BBM and Charger prospect discoveries.
Ferké sits on the Burkina Faso border, not far from Barrick’s 4.5Moz Tongon and Lillium’s 3.2Moz Wahgnion gold projects.
Since executing the farm-in agreement, MPK has hit the ground running, launching a 6500m reconnaissance drilling campaign just a little more than a week ago to test across an aggregate 26km extent of gold anomalism on two sub-parallel structural trends at Odienné.
Accelerating exploration
Institutional and professional investors haver made firm commitments for a two tranche placement of 23.6 million shares priced at 22c each to raise $5.2m.
Further highlighting their interest, the placement is priced at a discount of just 1% to the company’s 15-day volume weighted average price through the close of trading on 3 June 2024.
Applications also had to be scaled back due to the strong support.
“I’m now on route back to site after a short stint back in Australia. 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,” executive chairman Travis Schwertfeger told Stockhead.
This article was developed in collaboration with Many Peaks Minerals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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