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Queensland Pacific Metals (ASX:QPM) - Managing Director, John Downie (left) and CEO, Stephen Grocott (right) - The Market Herald
Managing Director, John Downie (left) and CEO, Stephen Grocott (right)
Source: QPM
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  • Queensland Pacific Metals (QPM) is closing its share purchase plan (SPP) early, after being "overwhelmed" with applications
  • The company first announced the capital raise in mid-March, after receiving firm commitments to raise an additional $15 million via a share placement
  • It was hoping to raise another $3 million via the SPP and has since received $5.7 million in applications so far, prompting the company to close the offer early
  • The raise will now close on April 14, with shareholders invited to apply for up to $30,000 worth of shares, at 8 cents each, until the close of business that day
  • Company shares ended Tuesday up 2.17 per cent at 9.4 cents

Queensland Pacific Metals (QPM) is closing its share purchase plan (SPP) early, after being "overwhelmed" with applications.

The company first announced the capital raise in mid-March, after receiving firm commitments to raise an additional $15 million via a share placement.

The materials stock was hoping to raise another $3 million in capital via the SPP, and as of Tuesday, had received $5.7 million in applications.

As a result of the heavy subscriptions, Queensland Pacific has decided to close the offer early on Wednesday, April 14.

QPM shareholders are invited to apply for up to $30,000 worth of shares, at 8 cents each, until the close of business that day.

"We are very pleased with the high level of participation from our shareholders and we thank shareholders for their continued support," Managing Director Stephen Grocott commented.

"The strong investor support for QPM is a very positive signal to external parties in all areas of the business including potential off-takers, equipment suppliers, major consumable suppliers and regulatory bodies," he explained.

Queensland Pacific has already flagged using the additional funds raised to help complete a definitive feasibility study for the Townsville Energy Chemicals Hub Project, as well as cover the cost of regulatory approvals.

Shares in QPM ended Tuesday up 2.17 per cent at 9.4 cents per share.

QPM by the numbers
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