Queensland Pacific Metals Ltd (ASX:QPM) (FRA:4EA) has received an overwhelming response to a share purchase plan (SPP) that opened on March 31, 2021, and will close the plan early at the close of business today.
Subscriptions have already been received in excess of $5.7 million and any applications received after 5pm WST on Wednesday, April 14, will not be accepted and application monies will be returned in full.
"Very positive signal"
QPM’s managing director Stephen Grocott said: “We are very pleased with the high level of participation from our shareholders and we thank shareholders for their continued support.
“The strong investor support for QPM is a very positive signal to external parties in all areas of the business including potential offtakers, equipment suppliers, major consumable suppliers and regulatory bodies.”
Use of funds
Money raised under the SPP and from the recently completed $15 million share placement 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.