Australia's Queensland Pacific jumps most in 21 months on GM's investment

QPM Energy

12/10/2022 24:52

** Shares of Australia's Queensland Pacific Metals Ltd
 QPM.AX  rise as much as 33.3% to A$0.200, marking their biggest
intraday pct gain since Feb 22, 2021
    ** The mineral explorer entered into an equity subscription
and offtake agreement with General Motors (GM) Holdings LLC
 urn:newsml:reuters.com:*:nASX7ZcXl8
    ** Co says GM has agreed to invest up to $69 mln in its
equity 
    ** Queensland Pacific adds that as a part of the initial
investment, GM has committed to subscribe for 174.6 mln shares
in QPM at a subscription price of $0.18 per share 
    ** About 10.9 mln shares change hands, compared with the
30-day moving average of 3.4 mln shares
    ** Queensland Pacific stock hits its highest since April 29
    ** Stock down 9.1% YTD, as of last close 
 (Reporting by Nausheen Thusoo)
 ((Nausheen.Thusoo@thomsonreuters.com;))