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Highlights:
- Queensland Pacific Metals have signed a binding equity subscription and an offtake agreement with General Motors.
- By signing the agreements, Queensland Pacific Metals has developed a long-term collaboration deal with General Motors.
- Supported by this update, Queensland Pacific Metals’ share price jumped by 16.666% on ASX at 10:48 AM AEDT today.
Nickel exploration company Queensland Pacific Metals Limited (ASX:QPM) announced today that it had signed a binding equity subscription agreement and an offtake agreement with General Motors LLC.
Backed by this update, Queensland Pacific’s share price gained 16.666% to AU$0.175 per share on ASX at 10:48 AM AEDT today (12 October 2022).
Details of the agreements:
According to the initial investment agreement, General Motors will be subscribing to 174,634,791 shares of Queensland Pacific at a subscription price of AU$0.18 per share and a total of US$20.1 million. In addition to that, Queensland Pacific will issue 46,833,661 unquoted options to General Motors at an exercise price of AU$0.20 and a term of three years as a part of this agreement.
- The company stated that the execution of these agreements would mark the beginning of a long-term ‘strategic collaboration’ between the two parties- Queensland Pacific and General Motors.
- Furthermore, the company believes that General Motors’ investment and abilities as a counterpart of the offtake agreement will take Queensland Pacific closer to making a Final Investment Decision to develop the TECH Project.
- As per the latest update, Queensland Pacific Metals has informed that General Motors will invest up to US$69 million in equity in Queensland Pacific. It incorporates an initial investment amount of US$25 million and a Final Investment Decision of up to US$44 million.
