Perilya taps the market for $55m
Perilya Limited (PEM) said it has launched a non-renounceable, fully underwritten 1-for-3 rights issue to raise $55 million. The miner said that it would potentially apply the funds raised to a stable of exploration and mining prospects.
Under the scheme Perilya said it would issue around 131 million shares, or around one-third of its current shares on issue, at 42c per share. This represents an 18.4% discount to Perilya’s last closing price on ASX, the company noted.
Perilya said that its majority shareholder, Zhongjin Lingnan Mining HK, had agreed to subscribe to its entitlement of shares, being around 65.9 million or half of the shares on issue.
The miner said satellite ore bodies across South Australia as well as the Mount Oxide project in Queensland, where Perilya has delineated a resource of over 220,000 tonnes of contained copper, would all undergo feasibility studies pending capital expenditure.
At the close Monday, Perilya shares were up 1c to 51.5c.
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