- Queensland Pacific Metals (QPM) raises $16 million through a share placement to sophisticated or professional investors
- Société des Mines de la Tontouta (SMT) invests $5 million, while GM invests $1.5 million as part of the raising
- The funds will support gas production growth at QPM’s Moranhbah project
- The company is also launching an SPP on the same terms as the placement in a bid to raise up to $8 million
- QPM shares closed down 30.1 per cent, trading at 6.5 cents
Queensland Pacific Metals (QPM) has raised $16 million through a share placement to sophisticated or professional investors.
The placement was offered at 7 cents a share, with new investors receiving one unquoted option for every two shares subscribed for under the placement, at an exercise price of 10 cents a three-year term.
The $16 million raising included a $5 million strategic investment by ore supplier Société des Mines de la Tontouta (SMT) and a $1.5 million investment by General Motors Holdings (GM).
The funds raised from this placement will go toward enabling gas production growth at its Moranbah project.
“We are delighted to welcome SMT as a shareholder of QPM and look forward to working together to maximise the value added to our respective companies from mutually beneficial commercial opportunities.” QPM CEO Dr Stephen Grocott said.
Additionally, the company has launched a share purchase plan to raise up to $8 million on the same terms as the placement.
Queensland Pacific Metals shares closed down 30.1 per cent, trading at 6.5 cents.