QMines Ltd (ASX:QML) executive chair Andrew Sparke joins Jonathan Jackson in the Proactive studio after the company received firm commitments to raise $5 million (before costs) through a two-tranche placement.
The company will issue up to 106,382,979 fully paid ordinary shares at $0.047 per share. The second tranche is subject to shareholder approval. The placement attracted strong demand, exceeding the original target of $2 million.
Sparke and COO James Anderson subscribed for $420,000 worth of shares, which will be issued subject to shareholder approval.
Funds will support exploration and development at the Mt Chalmers and Develin Creek projects, the purchase of the remaining 49% interest in Develin Creek, and general working capital.
Whairo Capital Pty Ltd and Wilsons Corporate Finance Limited acted as Joint Lead Managers, earning a 6% cash fee plus GST.