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Queensland Pacific Metals upscales SPP to $5 million due to overwhelming demand

The company received $10.6 million in valid subscriptions for the proposed $3 million SPP leading to the decision to upscale.

Queensland Pacific Metals Ltd - Queensland Pacific Metals upscales SPP to $5 million due to overwhelming demand
Funds will be used for initiatives that will assist in accelerating the TECH Project.

Queensland Pacific Metals Ltd (ASX:QPM) has upscaled its share purchase plan (SPP), which closed early on April 14, to $ 5 million following an overwhelming response from its shareholders.

The company was originally seeking to raise $3 million from the SPP, however, the offer was strongly supported by QPM shareholders.

Despite closing the SPP early, the company received valid subscriptions for $10.6 million, and as a result, the company’s board decided to upscale the amount raised to $5 million.

Funds raised in the SPP will be put towards initiatives that will assist with the acceleration and advancement of the TECH Project.

SPP scaling

In accordance with the SPP offer booklet, eligible shareholders were given the opportunity to subscribe for up to $30,000 of new fully paid ordinary shares in the company at an issue price of 8 cents per share.

As per the booklet, the scale back of the SPP was up to the discretion of the QPM’s board.

Given the higher demand, the company felt there was no other solution that would ensure every shareholder who applied for the offer would be satisfied.

In scaling each eligible shareholder subscription, the board considered the number of shares owned by that shareholder as on the record date and the number of SPP shares they had applied for.

Issuance of shares and refund

Under the SPP, the company will issue 62.5 million new fully paid ordinary shares on Friday, April 23, 2021.

These shares will rank equally with existing issued shares of the company.

Excess funds as a result of the scale back will be refunded to applicants without interest under the terms and conditions set out in the booklet.

To enable shareholders to receive their refund as quickly as possible by electronic funds transfer (EFT), the company has asked shareholders to update their bank details on the computer share investor centre at https://www-au.computershare.com/Investor before Monday, April 26, 2021.

For refunds not processed by EFT, cheques will be mailed in the post to the relevant shareholders’ registered address as shown in the share register.

Quick facts: Queensland Pacific Metals Ltd

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