QEM in $5m IPO

Vanadium-focused QEM, which features experienced mining executive Daniel Harris on its board, began trading on the ASX today after completing a $5 million initial public offering.

Perth-based QEM issued 25 million shares at 20 cents each, with Vested Equities acting as lead manager to the offer.

The company said it would use the proceeds from the IPO to advance exploration at its Julia Creek project in Queensland.

The project is prospective for vanadium and oil shale.

“QEM’s first task at Julia Creek will be to commence a 3,000-metre drilling program aimed at increasing the geological confidence of the project and providing a basis for the company to complete feasibility studies,” the company said in a statement to the ASX.

“It will also advance investigations into vanadium and oil shale processing options and testing, conduct environmental studies on the Julia Creek project and complete pre-feasibility studies on all aspects of project development.”

Non-executive director Mr Harris previously served as chief executive of vanadium outfit Atlantic, and he is a former vice-president of multinational EVRAZ’s vanadium division.

He also currently serves on the board of Australian Vanadium, uranium-focused Paladin Energy, and Atlas Iron. 

Non-executive chairman John Foley is a barrister who is also on the boards of ASX-listed Citigold Corporation and Hudson Investment Group.

The company’s executive director, David Fitch, was previously chief operating officer and major shareholder of Fitch Group – a group of companies with assets worth about $250 million across a range of industries.

Bellanhouse Lawyers are QEM’s corporate lawyers, while Bentleys WA Audit & Corporate is the investigating accountant.

Shares in QEM finished down 7.5 per cent at 18.5 cents each today.