QEM to Raise AU$3 Million via Discounted Rights Issue; Shares Hit New 52-Week Low

MT Newswires Live

2024/09/23

QEM (ASX:QEM) is raising up to about AU$3 million through a 1-for-3.5 renounceable rights issue at AU$0.07 per share, according to a Monday filing with the Australian bourse.

The issue price is a 46% discount to the last close price of the company's shares.

The offer includes one free attaching new option for every two new shares subscribed for, exercisable at AU$0.0014 and expiring on Sept. 30, 2026.

All directors intend to participate in the issue for a total of AU$100,000 through sub-underwriting. QEM major shareholder David Fitch is also a sub-underwriter to AU$884,393, which is included in Mahe Capital's AU$1.6 million underwrite, the filing stated.

The rights issue will close on Oct. 15. New shares will begin trading on Oct. 23.

Funds will be used to advance the Julia Creek pre-feasibility study program, among others.

The mineral explorer's shares were down 23% in recent Monday trade and earlier hit a fresh 52-week low.

Price (AUD): $0.10, Change: $-0.030, Percent Change: -23.08%

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