Peel Mining Limited announced a private placement of 116,666,670 common shares for AUD 0.18 per share for gross proceeds of AUD 21,000,000.6 on February 23, 2022. The transaction will include participation from Josh Pitt for AUD 3,500,000. The first tranche will consist of 62,714,663 shares to be issued pursuant to ASX Listing Rule 7.1 and 41,809,775 shares will be issued pursuant to ASX Listing Rule 7.1A and second tranche is subject to shareholder approval consisting of 7,420,009 shares to be issued subject to shareholder approval under Listing Rule 7.1 and 4,722,223 shares subject to shareholder approval under Listing Rule 10.11 with the latter being proposed to be issued to Directors, Jim Simpson subscribing for AUD 500,000 consisting of 2,777,778 shares, Graham Hardie subscribing for AUD 250,000 for 1,388,889 shares and Simon Hadfield subscribing for AUD 100,000 for 555,556 shares. Immediately after the completion of first tranche, Jim Simpson will be appointed chief executive officer and managing director, Simon Hadfield will transition from chairman to non-executive director. The settlement of first tranche will take place on March 2, 2022 and allotment on March 3, 2022 and settlement and allotment of second tranche will take place in mid-April, 2022.