Peregrine Gold shares surged nearly 23 per cent on the news that seasoned mining investor Mark Creasy would take up a substantial stake in the Pilbara-focused explorer.
Peregrine informed the market this morning it had completed a placement with Mr Creasy’s private company Yandal Investments, under which it subscribed for 4.5 million Peregrine shares at 50 cents apiece for $2.3 million.
In doing so, Yandal is set to own a 9.6 per cent interest in the company and become a substantial shareholder.
Yandal will also be granted 1.8 million free unlisted options, exercisable at 75 cents each on or before December 31 2024.
The fresh capital is set to fund the junior’s exploration activities across its gold and lithium projects, Pilbara Gold and Mallina Gold.
Works planned for the coming months include drilling at four gold targets within the Pilbara Gold project and field activities at a new lithium project.
Peregrine is based in Perth.
Its shares closed the day up 17.54 per cent to trade at 67 cents.
