QEM (ASX:QEM) Prepares For Capital Raise

Queensland-based materials company QEM (QEM) has entered a trading halt while it prepares for a capital raise.
The company has not disclosed how much it will raise.
The upcoming capital raise follows a placement completed in May which raised $2.4 million for QEM’s Julia Creek project in Queensland.
QEM said the cash boost from the previous placement meant it was fully funded through to Julia Creek’s planned pilot plant testing program, and the money will take it to the next phase of pre-feasibility studies (PFS) for the project.
In May, QEM commissioned its vanadium and oil shale pilot plant which was intended to be operational for up to six months.
Its main focus is to extract vanadium and oil shale, but it will also integrate metallurgy work to investigate the potential of high-purity alumina extraction.
QEM did not mention what the money will be used for, but the market will find out by no later than Monday, October 3.
Shares in QEM were halted at 22.5 cents on September 29.