(MT Newswires) — QEM (ASX:QEM) is set to raise AU$2.2 million ($1.4 million) from the placement of 10 million shares at AU$0.22 apiece, the miner said on Monday.
A total of 7.3 million shares will be allotted on Oct. 7, while 2.7 million shares subscribed by a non-executive director of the company will be subject to shareholder approval on Nov. 17.
Proceeds will be used to advance the development of the Julia Creek vanadium and oil project in Queensland.
Fresh Equities and Viriathus Capital were the lead managers for the capital raise.
Price (AUD): $0.23, Change: $0.00, Percent Change: 0.00%
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