Many Peaks Minerals (ASX:MPK) has completed a $13.5 million capital raise overnight which will be used to conduct a resource estimate and exploration drilling at the Ferké Gold Project in Côte d’Ivoire.
Under the private placement, a restricted group of pre-existing high-net-worth investors and institutional investors participated with 18.75 million shares issued at $0.72 per new share. The placement was co-managed by Blackwood Capital and Canaccord Genuity.
The issue price represents a 5% premium to the company’s 15-day volume weighted average price (VWAP).
Many Peaks, which has a market capitalisation of $87.33 million, will use the funds to complete drilling and studies in preparation for a resource estimate at Ferké. Funds will also be used for general working capital purposes.
As Mining.com.au reported, the company extended mineralisation at Ferké with an increasing width of 36% following the completion of seven diamond drillholes.
Over 11,200m of diamond drilling has been completed since April 2025. Another 3,300m of drilling is planned via reconnaissance reverse circulation drilling.
The Ferké Project sits on the eastern margin of the Daloa greenstone belt at the intersection of major regional scale shear zones.
Many Pekas Minerals is focused on advancing gold and copper projects in West Africa.
Write to Aaliyah Rogan at Mining.com.au
Images: Many Peaks Minerals
