QMines raises $5.5M for Queensland project
Key points
- QMines received firm commitments to raise $5.5 million via a share placement to advance its Mt Chalmers Project.
- Shares were offered at $0.052 each.
- The proceeds strengthen the company's capital reserves to support feasibility studies, exploration, and land acquisitions.
QMines (ASX:QML) has received firm commitments to raise $5.5 million before costs through a share placement to fund development activities.
The issue price of $0.052 each, representing a 13.3% discount to the last traded price of $0.06 per share before the placement.
QMines stated that the raised capital strengthens its total cash position to approximately $17.5 million when combined with existing reserves and deferred asset sale proceeds.
Following the announcement, the QMines share price was unchanged at $0.053.
The company also announced plans to offer eligible investors a share purchase plan to raise up to an additional $1 million at $0.05 per share.
Proceeds will be directed towards advancing the Mt Chalmers definitive feasibility study, exploration drilling campaigns, and strategic freehold land acquisitions.
Frequently asked questions
More from Australia
Yari Resources reviews 199 historical drill holes
Reserve Bank of Australia increases cash rate to 4.85%
Mount Ridley Mines extracts 96% vanadium from test
Greenvale Energy begins grant-funded airborne uranium survey
Osmond Resources raises $3.8M for critical project
Orthocell partner secures FDA clearance for PearlBone
