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Pure Minerals gains new substantial shareholder

A Chinese investor with an experienced technical background has completed a private placement valued at $320,000.

Pure Minerals Ltd - Pure Minerals gains new substantial shareholder
PM1 is well-funded to advance the Townsville Energy Chemicals Hub Project

Pure Minerals Ltd (ASX:PM1) has a new substantial shareholder with Chinese businessman Kwong Ho Richard Chan holding a 5.09% stake.

This follows the Jiaxing City, Zhejiang Province, investor taking part in a private placement which raised $320,000.

In this placement, the investor, who has an experienced technical background, purchased 32 million shares which were issued under the company’s available Listing Rule 7.1A placement capacity.

The capital raising price of 1 cent per share represents a discount of 9% to the last closing share price of PM1 on April 29, 2020.

Balance sheet boosted

This placement and a facility agreement with Metamor Capital Partners for the provision of a short-term loan of up to A$587,000 have boosted the company’s balance sheet.

It comes as subsidiary Queensland Pacific Metals Pty Ltd continues to advance work for the Townsville Energy Chemicals Hub Project (TECH) in North Queensland.

Subject to COVID-19 restrictions, the company expects these funds to progress activities at the pilot plant located at CSIRO facilities in Western Australia.

The company’s shares last traded at 1.3 cents.

The Metamor loan is based on PM1’s and QPM’s expected returns as part of the Federal Government's Research & Development Tax Incentive.

Much of QPM’s historical and future expenditure on the TECH project is considered eligible expenditure under the Australian R&D Tax Incentive Scheme.

Quick facts: Pure Minerals Ltd

Price: 0.014 AUD

Market: ASX
Market Cap: $8.79 m

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