NQ Minerals plc (AQSE:NQMI, OTCQB:NQMLF, OTCQB:NQMIY) has announced that it has raised £917,485 at 6.5 pence per share for general working capital purposes and to accelerate the re-opening of the Beaconsfield Gold Mine in Tasmania, Australia.
The Company acquired the Beaconsfield Gold Mine as announced on June 29, 2020. The Company will issue 14,115,154 new ordinary shares under this equity issue.
Admission and Settlement
Application has been made for the Placing Shares to be admitted to trading on the Aquis Exchange and admission is expected to occur on or around 11 July 2020. Upon Admission, the Company will have 360,868,145 ordinary shares of 0.1p each on issue, each carrying the right to one vote. There are no shares held in treasury.
The total voting rights in the Company will therefore be 360,868,145 and shareholders may use this figure as the denominator by which they are required to notify their interest in, or change to their interest in, the Company under the Disclosure Guidance and Transparency Rules. The placing is conditional upon the terms of a placing agreement and the shares being admitted to trading on the Aquis Exchange.
About NQ Minerals
NQ Minerals is an Australian-based mining company which commenced base metal and precious metal production in 2018 at its 100% owned flagship Hellyer Gold Mine in Tasmania. Hellyer has a published JORC compliant Mineral Resource estimated at 9.25 Mt which is host to Gold at 2.57 g/t Au for 764,300 oz Au, Silver at 92 g/t Ag for 27,360,300 oz Ag, Lead at 2.99% Pb for 276,600 tonnes and Zinc at 2.57% Zn for 217,400 tonnes. In addition to these resources, the Hellyer assets include a large mill facility and full supporting infrastructure, including a direct rail line to port. The Company is also planning to re-open the historic high-grade Beaconsfield Gold Mine in Tasmania, which has a JORC (2012) compliant Mineral Resource Estimate of 1.454 Mt at 10.3 g/t Au for 483,000 ounces of gold.