QEM Completes $1.7 Million Placement For Advancing Julia Creek Vanadium-Oil Shale Project

(MT Newswires) — QEM (ASX:QEM) completed a AU$2.4 million ($1.7 million) placement of 11,670,244 shares at AU$0.205 apiece.

Proceeds will be applied to the oil and vanadium pilot plant testing program at the Julia Creek project in Queensland and to continue prefeasibility studies, according to a Wednesday news release.

Allotment of the placement shares to unrelated parties will be by May 10, while those for nonexecutive director David Fitch will be subject to shareholder approval at a general meeting scheduled for mid-June.

QEM shares closed 8% lower Wednesday.

Price (AUD): $0.23, Change: $-0.03, Percent Change: -10.00%