Australia's QEM falls most in over a week on discounted placement

QEM

04/05/2022 06:06

** Shares of mineral exploration company QEM Ltd  QEM.AX 
fall as much as 8% to A$0.23, set for their worst intraday
session since April 26
    ** Says received commitments to raise A$2.4 mln ($1.71 mln)
via placement  urn:newsml:reuters.com:*:nASX5YjjwF
    ** 11.7 mln shares to be issued for A$0.205/share, an 18%
discount to the last closing price on April 29 after which the
stock went into a trading halt
    ** Capital raised to be used to fund co's 100% owned Julia
Creek Vanadium-Oil project in Queensland
    ** Stock has risen 38.9% this year, as of last close

($1 = 1.4065 Australian dollars)

 (Reporting by Anan Ashraf in Bengaluru)
 ((Anan.Ashraf@thomsonreuters.com;))