(MT Newswires) — QEM (ASX:QEM) completed a AU$2.4 million ($1.7 million) placement of 11,670,244 shares at AU$0.205 apiece.
Proceeds will be applied to the oil and vanadium pilot plant testing program at the Julia Creek project in Queensland and to continue prefeasibility studies, according to a Wednesday news release.
Allotment of the placement shares to unrelated parties will be by May 10, while those for nonexecutive director David Fitch will be subject to shareholder approval at a general meeting scheduled for mid-June.
QEM shares closed 8% lower Wednesday.
Price (AUD): $0.23, Change: $-0.03, Percent Change: -10.00%
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