Peel Mining: Raises $17.1M for sole stake in Mallee Bull Project
- Peel Mining (PEX) is aiming to raise over $17 million to buy 100 per cent of the Mallee Bull Project in NSW
- The company wants to purchase CBH Resources 50 per cent interest in the project
- All money raised, as well as existing cash and liquid investments totalling around $11 million, will be used to purchase CBH’s interest
- However, CBH has told Peel a third-party has offered $17 million for its 50 per cent share
- Despite this, Peel has first dibs on the project due to the current joint venture agreement
- On market close, Peel is up 6.67 per cent and shares are trading for 24 cents per share
