Australia's QMines hits over 3-week high on placement to fund Queensland project

QMines

26/10/2022 04:22

** Shares of QMines Ltd  QML.AX  rise as much as 9.1% to A$0.18,
their highest since Oct 7 
    ** Mineral explorer says co has received firm commitments to
raise up to A$1.3 mln ($830,310.00), before costs, by share
placement  urn:newsml:reuters.com:*:nASX7933DR
    ** Says placement is at an issue price of A$0.15 per share,
which is at a discount of 6.3% to stock's last close
    ** Says capital raised through placement will be used to
fund co’s exploration and development at Mt Chalmers project in
Queensland, Australia 
    ** More than 359,340 shares trade hand compared to 30-day
average trading volume of 173,830 shares  
    ** Shares of co are down 48.4% YTD as of last close 
($1 = 1.5657 Australian dollars)
 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))