ASX-listed Queensland Pacific Metals (QPM) has flagged a A$24-million capital raise to enable gas production growth at its Moranbah project and to fund ongoing technical workstreams to secure debt financing for its Townsville Energy Chemicals Hub (TECH) base metals project. The company has received binding commitments for a A$16-million share placement, priced at 7c a share, from sophisticated and professional investors. The share placement included a A$5-million strategic investment from New Caledonian ore supplier Société des Mines de la Tontouta (SMT) and a A$1.5-million investment from General Motors as part of an existing investment agreement.
PERTH – ASX-listed Queensland Pacific Metals has flagged a A$24-million capital raise to enable gas production growth at its Moranbah project and to fund ongoing technical workstreams to secure debt financing for its Townsville Energy Chemicals Hub base metals project.
The company has received binding commitments for a A$16-million share placement, priced at 7c a share, from sophisticated and professional investors. The share placement included a A$5-million strategic investment from New Caledonian ore supplier Société des Mines de la Tontouta and a A$1.5-million investment from General Motors as part of an existing investment agreement.
Additionally, QPM has also launched a share purchase plan aimed at raising a further A$8-million. The SPP will also be priced at 7c a share, and each shareholder taking part in the SPP will be provided one unquoted option for every two shares subscribed for, each with an exercise price of 10c each and a three-year term.QPM said on Tuesday that funds raised will be used to grow gas production at the Moranbah project over the next 12 months.
The company would also continue with ongoing technical workstreams at its TECH project with the aim of achieving credit approved term sheets from banks during the first half of 2024.
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