April 4 (Reuters) - Peel Mining Ltd PEX.AX :
* St Barbara subscribed for $3.28 million of Peel shares at 20.5 cents a share for 9.5% stake
* Asx alert-St Barbara takes 9.5% stake in Peel,SBM-PEX.AX
* Funding will allow acceleration of Peel's upcoming cobar work programmes
* Placement comprises issue of 16 million ordinary fully paid shares in Peel at a subscription price of 20.5 cents per share
* Net cash position to increase to more than $5.3 million
* Placement represents a premium to Peel's last traded share price, and recent volume-weighted average share price Source text for Eikon: ID:nASX97dvR4 Further company coverage: PEX.AX