Many Peaks Minerals (ASX:MPK) has successfully completed a $13.5 million capital raise via a private placement. The funds will be primarily allocated to conducting a resource estimate and exploration drilling at the company’s Ferké Gold Project, located in Côte d’Ivoire. Many Peaks Minerals focuses on advancing gold and copper projects in West Africa. The company is capitalised at $87.33 million.
The private placement saw participation from a select group of pre-existing high-net-worth and institutional investors. A total of 18.75 million new shares were issued at a price of $0.72 per share. Blackwood Capital and Canaccord Genuity acted as co-managers for the placement. The issue price represents a 5 per cent premium over Many Peak’s 15-day volume weighted average price (VWAP).
Many Peaks plans to use the raised capital to complete further drilling and studies, which will inform a resource estimate for the Ferké Gold Project. The company has completed over 11,200 metres of diamond drilling since April 2023 and plans another 3,300 metres of reconnaissance reverse circulation drilling. These drilling efforts have extended mineralisation at Ferké, with mineralisation width increasing by 36 per cent.
In addition to project-specific activities, a portion of the funds will be used for general working capital purposes. The Ferké Project is situated on the eastern margin of the Daloa greenstone belt, at the intersection of major regional scale shear zones.
