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Vanadium and oil shale explorer QEM Limited (ASX:QEM) started trading today for the first time on Australian Securities Exchange. It debuts at its issue price of around 20 cents which jumped 5 per cent in the early trading session to trade at 21 cents.
But the picture did not persist to remain the same for the entire day. As after trading at various up and low levels, QEM finally closed 7.5 per cent lower to 18.5 cents on its first trading day, 19 October 2018.
Australia-based QEM Limited is a newcomer in metal and mining sector. Founded in 2014, the company is into the exploration of large oil shale and vanadium resources. The company principally focuses on the development of 100% owned Julia Creek Project, covering 176km² tenements in Queensland, Australia. Â
QEMâs keystone investors include the companyâs Executive Director David Fitch who has clutched 23.48% of total holdings in QEM Limited. The company issued 25 million shares in its Initial Public Offering at an issue price of $0.20 per share, raising $5 million. QEM has witnessed a strong support of investors as its IPO closed over-subscribed in September.
Director Mr. Fitch stated that QEMâs Initial Public Offering was 50 per cent excess subscribed which took total applications received to around $7.6 million worth. In previous market release QEM stated that the company plans to utilize the funds raised from IPO to advance exploration at its Julia Creek vanadium and oil shale prospects in Queensland.
In March 2018, QEM upgraded the size of its JORC Inferred Resource to its existing level of 1,700Mt @ 0.34% V205. Further a contingent 3C Oil Shale Petroleum Resource of 589 MMbbls is estimated within the same 1,700Mt.
To form the basis for the completion of feasibility study, QEM reported to commence the 3,000m drilling first. It is essentially aimed at increasing the geological confidence of the Julia Creek project. The drilling program is also expected to advance the exploration into vanadium and oil shale processing options and testing along with conducting environmental studies.
As per the today announcement to ASX, QEM stated that currently vanadium Mineral Resource and oil shale Petroleum Resource stand on their own, as sufficient work has not been completed by the company that could confirm that whether the vanadium Mineral Resource and oil shale Petroleum Resource can be extracted together or not. Meanwhile, the management advised that the company is constantly looking for best suited technologies than can be adopted for the extraction of those hydrocarbons.
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