Peako (ASX:PKO) looks East as it adds muscle with $1.1m Peloton backing
July 17, 2024Peako will welcome investor and Lithium Universe (ASX:LU7) director Gernot Abl as its new chairman, as the minerals explorer collects at least $1.1 million in a capital raise backed by Peloton Capital.
Abl, who is also a director of muscle movements technology play DorsaVi (ASX: DVL), will become chairman after the capital raise, picking up the reins from retiring chairman Geoff Albers.
Albers will step down once the company has collected $1.1 million in funding and issued new shares in a capital raising from shareholders the company launched today.
Abl will tip in $200,000 through an entity he’s connected to, Melbourne-based KG Venture Holdings.
Also joining the board as a non-executive director after the raise is economic geologist and former SKG Dr Louis Bucci.
Dr Bucci is experienced in guiding early-stage explorers and their projects through mineral resource development to feasibility studies, operations and beyond.
Funding injection
Peloton has fully backed Peako’s cap raise which closes on Monday, August 5, 2024 at 5pm east coast time.
The PGEs explorer is offering shares at 0.3c a pop, attaching a free unlisted option priced at 0.75c for every two new shares investors take up.
The new shares and options are expected to be issued on August 12.
About Peako
Peako’s lead project is the Eastman Platinum Group Elements Project in Western Australia’s far north, the Kimberley region.
Mineralisation at Peako’s leased project extends for 16.5 kilometres, layered with a mafic-ultramafic intrusive complex that has scope to become a significant PGE resource.
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