- QEM (QEM) enters a trading halt while it prepares for a capital raise
- QEM is developing green hydrogen production and is focussed on delivering innovative energy solutions from its Julia Creek Project in North Queensland
- At the end of the June quarter, QEM had $1.32 million in cash and 4.56 estimated quarters left of funding
- The energy stock hasn’t disclosed how much it will raise or what it will use the money for but the market will find out by no later than Wednesday, August 4
- Company shares last traded at 17.5 cents on Friday, July 30
QEM (QEM) has entered a trading halt while it prepares for a capital raise.
The energy stock hasn’t disclosed how much it will raise or what it will use the money for, but the market will find out by no later than Wednesday, August 4.
At the end of last week, QEM released its quarterly report for the three months ending on June 30, 2021.
The company recalled achieving several key milestones in unlocking the value potential of the Julia Creek vanadium and oil shale project in North Queensland.
QEM is focussed on developing a clean energy hub which includes a bench-scale pilot plant to extract synthetic oil and vanadium pentoxide to produce green hydrogen and deliver innovative energy solutions.
Last quarter, the company spent $291,000 on operating activities which went towards exploration and admin costs. At the end of the period, it was left with $1.32 million in cash and 4.56 estimated quarters left of funding.
Whether or not the upcoming funding will support QEM’s Julia Creek Project is not yet clear.
Company shares last traded at 17.5 cents on Friday, July 30.