QMines Limited (ASX:QML) has released details of a Share Purchase Plan seeking to raise $1 million, offering eligible shareholders the opportunity to purchase shares at $0.052 each — the same price as a concurrent placement of 105,561,163 shares that raised approximately $5.5 million from sophisticated and professional investors.

Key Points

  • Share Purchase Plan issue price of $0.052 per share represents an 11.8% discount to the five-day VWAP of $0.059 prior to the plan announcement on 3 November 2026
  • Eligible shareholders may purchase between $1,000 and $30,000 worth of shares, with the plan intending to raise up to $1 million
  • Record date for eligibility was 7:00pm AEDT on 2 November 2026, open to shareholders with registered addresses in Australia or New Zealand
  • Applications close on 30 November 2026; the plan will not be underwritten
  • Funds raised will be used alongside placement proceeds for the Mt Chalmers Definitive Feasibility Study, drilling and exploration, strategic freehold property acquisitions, and general working capital

Share Purchase Plan Terms and Pricing

Under the plan, eligible shareholders may select from eight fixed investment options ranging from $1,000 (19,230 shares) to $30,000 (576,923 shares), with no brokerage or transaction costs payable. The issue price of $0.052 per share is the same price as the placement announced on 3 November 2026. The closing price of QMines shares on the last trading day immediately prior to the offer announcement was $0.06. The maximum number of shares that may be issued under the plan is 231,597,441, calculated as 30% of the company's existing issued share capital in accordance with ASX Listing Rules.

Placement and Capital Raising Structure

The placement of 105,561,163 fully paid ordinary shares was announced on 3 November 2026, raising approximately $5.5 million from sophisticated and professional investors. The shares were issued utilising the company's available placement capacity under ASX Listing Rules 7.1 and 7.1A on 9 November 2026. The Share Purchase Plan was established to allow eligible shareholders to participate in the capital raising on the same terms as the placement. The company retains the right to accept oversubscriptions or close the offer early and scale back applications at its absolute discretion, subject to shareholder demand and compliance with ASX Listing Rules.

Use of Funds from Mt Chalmers Activities

According to the filing, funds raised under the Share Purchase Plan will be used in conjunction with funds raised under the placement to finance the completion of the Mt Chalmers Definitive Feasibility Study, ongoing drilling and exploration at Mt Chalmers and regional targets, strategic freehold property acquisitions supporting the proposed Mt Chalmers development footprint, and general working capital. Directors who qualify as eligible shareholders may also participate in the plan, subject to ASX Listing Rules. Applications, once submitted, cannot be revoked, and the company stated that any refund amount less than $0.052 will not be returned to applicants.