Shaw and Partners appointed as Lead Manager to the $2.0m capital raising by QMines Limited News28 Jul 2022

Shaw and Partners is pleased to be appointed as Lead Manager to a proposed capital raising by QMines Limited (ASX.QML).

 

Zero carbon copper and gold exploration company QMines Limited (the Company) is proposing to raise up to approximately $2.0m by way of a single-tranche placement of new fully paid ordinary shares at $0.15 per share. The Company reserves the right to accept oversubscriptions up to an additional $1.8m.

 

The price of $0.15 per share represents a 14.3% discount to last close of $0.175.

 

QMines Limited is seeking to become Australia’s first zero carbon copper and gold developer. The Company owns four advanced copper and gold projects located in Queensland covering 1,096 square kilometres. The Company’s flagship project, Mount 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. Since acquiring the mine in December 2020, QMines has delivered two resource updates. The Company is expected to deliver its third update in 2H-2022. Mt Chalmers has a JORC 2012 compliant resource, three JORC compliant Exploration Targets and a number of pricing catalysts. The Company is planning to undertake an aggressive drilling program designed to increase the existing resource, assess its viability as a stand-alone mining operation and generate value for shareholders.

 

Funds from the capital raise will allow QMines to fund further exploration and execute on its growth strategy.

 

The offer is available to Australian Sophisticated and Professional Investors only.

 

For more information about the offer please contact your Shaw and Partners adviser.

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