PM1 Subsidiary Queensland Pacific Executes R&D Facility Agreement

May 03, 2020 12:06 AM AEST
Team Kalkine

On 1 May 2020, Pure Minerals Limited (ASX:PM1) announced that its 100% owned subsidiary Queensland Pacific Metals Pty Ltd (“QPM”) has signed a facility deal with Metamor Capital Partners for the provision of a short-term loan.

As a part of this agreement QPM would be able to borrow up to $586,728 which could be drawn in two tranches. The loan is based on expected return of PM1 & QPM as part of the Research and Development tax incentive.

PM1 has received a commitment to raise $320k gross of fees as a part of capital raising against which the company would issue 32,000,000 shares each at $0.01.

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