QEM Limited (ASX: QEM) has entered into an unsecured loan facility with CL Fitch Pty Ltd, an entity controlled by QEM major shareholder and non-executive director, David Fitch.
The facility will be used primarily to fund the completion of the scoping study and to provide working capital for QEM. The facility provides QEM with an initial A$1M tranche of funding and the ability to call for an additional A$1M at the election of QEM at any time in the period six months after commencement of the facility. The facility bears interest at a rate of 10.0% per annum on the drawn amounts that is payable at maturity.
QEM may at its election at any time up to the date that is nine months after the commencement of the facility, repay the amount owing under the facility by way of the issue of shares in QEM.
QEM has previously announced the completion of several important milestones on the Julia Creek Project, including completion the mining schedule, pit optimization for the first 30-years of mine life, and is progressing well with on-going negotiations with renewables project developers. QEM has continued to make good progress in relation to the delivery of the Julia Creek Project scoping study and anticipates completing its scoping study early in the Q4 2023.
To find out more, please visit www.qldem.com.au
To read more articles like this, please visit www.theassay.com/news
