Queensland Pacific Metals launches SPP to raise up to $3 million following $15 million placement

Queensland Pacific Metals Ltd (ASX:QPM) (FRA:4EA) has offered eligible shareholders the chance to participate in a share purchase plan (SPP) to raise up to $3 million after receiving firm commitments to raise up to $15 million in a placement. The right to participate in the plan is optional and only available to shareholders who are registered as holders of shares at 5.00pm (WST) on the record date of March 19, 2021, and whose registered address is in Australia or New Zealand. The SPP is set to close at 5pm WST on Friday, April 16, 2021. Eligible shareholders, irrespective of the size of their shareholding, will be able to purchase up to $30,000 worth of shares at 8 cents per share, free of brokerage and commission. The offer is not underwritten, and the issue price is less than the average market price of the company’s shares on the ASX during the five trading days immediately prior to the announcement date of the offer - which was 9.4 cents. Strongly supported placement QPM completed the strongly supported $15 million placement with demand significantly in excess of funds sought and the bookbuild closing within a few hours of opening. The issue price represents a discount of 17.5% to the 15-day volume-weighted average price. Net proceeds raised from the placement and SPP will be used for: Completion of a definitive feasibility study (DFS) for the TECH Project; Completion of regulatory approvals; and Corporate costs and working capital.