Brisbane, Feb 8, 2008 AEST (ABN Newswire) - On Monday 4th February 2008, the shareholders of North Queensland Metals Limited (NQM) approved, amongst other things, the acquisition of 60% of the Pajingo Gold Mine (Pajingo) and the issue of up to 28.41 million shares at 37 cents per share.
The following commitments have been received to assist in funding of the acquisition of Pajingo, namely:
(a) 13.7 million shares to institutional and sophisticated investors at 37 cents per share (raising $5.07 million); and
(b) 11 million shares to those institutional and sophisticated investors at 22 cents per share (raising $2.42 million) utilising the Company's available 15% issue.
to raise $7.5 million.
The funds raised through these placements facilitates the completion of the acquisition of Pajingo and the provision of working capital.
Chief Executive Officer of NQM, John McKinstry said "The Company is delighted with the acquisition and already the operation is ahead of expectations in terms of production of gold and cashflow."
Contact
John D McKinstry CEO
Tel: 1300 308 832
Fax: +61-7-3666-0510
EMAIL: info@nqm.com.au
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