ASX-listed Many Peaks Minerals has completed a A$5.2-million equity raise within a 24-hour period from a small number of high-net-worth and institutional investors to accelerate exploration over an extensive area of gold-anomalous geochemistry with early but “very encouraging” drilling results at the Odienne and Ferke gold projects, in north-west Côte d’Ivoire.

The company said on June 5 that it had received firm commitments for a two-tranche placement of about 23.6-million new fully paid ordinary shares at a price of A$0.22 a share. The placement price was set at the company’s last closing price of A$0.22 a share and represented a 1% discount to the company’s 15-day volume-weighted average price through the close of trading on June 3.

The placement, which is managed by investment firm Blackwood Capital, was heavily supported, with applications being scaled back to an agreed A$5.2-million total. The placement was made available to institutional and professional investors.

Many Peaks said applications were received predominantly from existing shareholders, ranging from several long-term supporters of the company to a number of new shareholders who have strongly participated in recent on-market buying following Many Peaks’ acquisition of permits covering 1 275 km² in Côte d’Ivoire.

For the first tranche, 13.7-million placing shares to the value of about A$3-million will be issued using the company's 25% placement capacity.

For the second tranche, about 9.9-million placing shares valued at about A$2.1-million will be issued subject to shareholder approval at a general meeting expected to be held in July.

The capital raised by the issue of new shares will be used to accelerate exploration activities in Côte d’Ivoire and fund costs of the offer, working capital and corporate and administrative costs.

Under the terms of the mandate with Blackwood, Many Peaks will pay placing fees for the provision of services in relation to the placement. These fees will include a placement fee of 4%, plus goods and services tax where applicable, for funds raised through the placement. It will also include the issue of 5.2-million options, exercisable at A$0.33 each by June 30, 2027.

Many Peaks will seek shareholder approval for the issue of these options at the July general meeting.