Peak Rare Earths (ASX:PEK) has completed its share purchase plan, which received strong support from eligible shareholders with applications totalling $2.774 million, exceeding the $2 million target.
The SPP provided eligible shareholders the opportunity to purchase up to $30,000 worth of shares at $0.10 each, the same offer price as the company’s two-tranche placement announced on 5 November 2024.
As the total value of applications for the SPP exceeded the target raise, Peak has implemented various scale back arrangements. The scale back calculation was done independently by the Peak share registry adopting a standard process.
Following the scale back of applications, 20 million shares will be issued today (3 January). Excess application funds resulting from the scale back will be returned to those applicants as soon as possible, the company reports.
Write to Adam Orlando at Mining.com.au
Images: Peak Rare Earths
