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QMINES LIMITED — Capital/Financing Update 2023
May 8, 2023
65647_rns_2023-05-08_c1fb995c-620f-4b6a-aaa6-cf491a38d96f.pdf
Capital/Financing Update
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Release of Options from Escrow
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CORPORATE
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Release of Options from Escrow
9 May 2023
QMines Limited ( QMines or Company ) ( ASX:QML ) advises pursuant to ASX Listing Rule 3.10A, that 4,200,000 unlisted options exercisable at $0.375 on or before 6 May 2024 will be released from escrow on 16 May 2023. The escrow arrangements are in connection with the Company’s initial public offering in 2021.
Following the release of these shares, QMines has no further securities on issue that are subject to escrow provisions.
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About QMines
Directors & Management
QMines Limited ( ASX:QML ) is a Queensland based copper and gold exploration and development company. The Company owns 100% of four advanced projects covering a total area of 1,096km². The Company’s flagship project, Mt Chalmers, is located 17km North East of Rockhampton.
Mt Chalmers is a high-grade historic mine that produced 1.2Mt @ 2.0% Cu, 3.6g/t Au and 19g/t Ag between 1898-1982. The Mt Chalmers project now has a Measured, Indicated and Inferred Resource (JORC 2012) of 11.86Mt @ 1.22% CuEq for 144,700t CuEq.¹
SIMON KIDSTON
Non-Executive Chairman
ANDREW SPARKE
Managing Director
ELISSA HANSEN (Independent)
Non-Executive Director & Company Secretary
PETER CARISTO (Independent)
Non-Executive Director (Technical)
JAMES ANDERSON
General Manager Operations
QMines’ objective is to grow its Resource base, consolidate assets in the region and assess commercialisation options. The Company has commenced an aggressive exploration program (+30,000m) providing shareholders with significant leverage to a growing Resource and exploration success.
Projects & Ownership
Mt Chalmers (100%) Silverwood (100%) Warroo (100%) Herries Range (100%)
Shares on Issue
166,030,719
Unlisted Options
7,950,000 ($0.375 strike, 3 year term)
Compliance Statement
With reference to previously reported Exploration results and mineral resources, the Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources or Ore Reserves that all material assumptions and technical parametres underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.
This announcement has been approved and authorised by the Board of QMines Limited.
QMines Limited (ASX:QML)
Contact
Registered Address : Suite J, 34 Suakin Drive, Mosman NSW 2088 Postal Address : PO BOX 36, Mosman NSW 2088 Website : www.qmines.com.au
Telephone : +61 (2) 8915 6241 Peter Nesveda , Investor Relations Andrew Sparke , Managing Director
Email : [email protected] Email : [email protected] Email : [email protected]
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¹ ASX Announcement - Mt Chalmers Resource Upgrade, 22 November 2022.
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