QMines (ASX:QML) has received firm commitments to raise just over $1.26 million (before costs) via a placement to accommodate a strategic group of resource funds and family offices looking for exposure to copper.
The company will issue up to 8,407,358 fully paid ordinary shares at $0.15 per share.
It is expected that shares will be issued on 3 November 2022.
The $1.26 million placement was oversubscribed and will be used to fund further exploration and development at the high-grade Mt Chalmers mine. The company decided to extinguish its remaining placement capacity to accommodate these shareholders.
Capital raised from the placement will primarily be used to accelerate the company’s exploration and development at its flagship Mt Chalmers project together with working capital.
Whairo Capital acted as lead manager to the raising.
QMines Executive Chairman, Andrew Sparke, comments: “The placement was used to accommodate a small number of resources funds and family offices looking to gain exposure to copper.
“The placement was used to accommodate a small number of resources funds and family offices looking to gain exposure to copper”
We wish to thank new and existing shareholders and our brokers for their support of the company as we continue to demonstrate the scale potential of Mt Chalmers.
We welcome these new shareholders to the register as we continue to demonstrate the growing scale of the Mt Chalmers project.”
QMines is a Queensland-based copper and gold exploration and development company. The company owns 100% of four advanced projects covering a total area of 1,096km-square.
The company’s flagship project, Mt Chalmers, is located 17km North East of Rockhampton. Mt Chalmers is a high-grade historic mine that produced 1.2Mt @ 2.0% Cu, 3.6g/t Au and 19g/t Ag between 1898-1982.
Mt Chalmers has a Measured, Indicated and Inferred Resource (JORC 2012) of 5.8Mt @ 1.7% Cu-Eq for 101,000t Cu-Eq.
Write to Adam Orlando at Mining.com.au