Australia's Queensland Pacific Metals drops on discounted capital raise

QPM Energy

22/08/2023 02:10

** Shares of Queensland Pacific Metals  QPM.AX  slip as much as 25.8% to
A$0.069, hitting their lowest since Feb 18, 2021 
    ** The battery mineral explorer says it has received binding commitments to
raise A$16 mln ($10.26 mln) via a share placement 
    ** Also announces A$8 mln share purchase plan 
    ** Issue price of A$0.07 per share is at a ~22% discount to the last closing
price on Aug 17 
    ** Funds raised will enable gas production growth at the Moranbah Project in
Queensland 
    ** Shares set for worst day since Nov 28, 2022, if trend holds 
    ** Stock down ~15.5% this year, as of last close


     ($1 = 1.5598 Australian dollars)

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))