Adams & Remers has advised AIM quoted Peninsular Gold Limited on its placing of new ordinary shares raising £5.5 million.
Peninsular Gold, which has a market capitalisation of £39 million, is a producing gold mining company with projects located in the vicinity of Raub, State of Pahang, Malaysia. Raub is a historic gold mining centre, and mines in the vicinity are known to have produced over 1 million oz. Peninsular Gold Limited has already identified at its Raub project approximately 202,000 oz of proven reserves in the form of tailings and 218,000 oz of JORC resources of near surface oxidised primary ore.
The Company has recently completed the construction and commissioning of a 1.1mtpa Carbon-in-leach plant. The first gold pour from the plant took place on 18th February 2009. The transaction was led by Corporate Partner, Stuart Robertson, who has acted for Peninsular for over 5 years.