Monday, 13 February 2012

Peak Resources in pre open pending proposed capital raising announcement

Peak Resources (ASX: PEK) has been granted a trading halt by the ASX today pending the release of an announcement on a proposed capital raising, with the company’s shares placed in pre-open.

While the company did not release any further details on the capital raising, Peak Resources recently moved to full control of its highly prospective Ngualla Rare Earth Project in southern Tanzania.

The company is in the process of completing the acquisition of Zari Exploration, which will result in Peak obtaining a 100% legal and beneficial interest in the licence covering the Ngualla project.

Peak Resources is on track to deliver a maiden JORC Resource for the project during the current March quarter.

The company will remain in pre-open until an announcement is made to the market or no later than the start of trading on Thursday 16 February.

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