qmn repays tula resources group ...

Well it seems a major shareholder has leant us the money, which is really good imo & not bad at all for BOTH parties! (:
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QMC repays Tulla Resources Group Pty Ltd Loan

Queensland Mining Corporation Limited (ASX code: QMN) (QMC) announces that Perfect Nation Global Limited (PNG), a major shareholder owning 17.337% of the shares of QMC, has entered
into an unsecured loan of $3 million with the Company on 2 November 2012.

The Loan is to enable repayment of the $3 million loan from Tulla Resources Group Pty Ltd dated 5 July 2011 (Tulla Resources Loan).

The key terms of the loan from PNG are as follows:

Principal $3 million

Maturity date of 30 June 2013

Unsecured

Interest rate of 10% payable quarterly in arrears

Subject to shareholder approval (if required), on repayment PNG can elect to convert at 4 cents per share

In the event of any capital raising, PNG has the right to convert loan into QMC ordinary shares at price and on terms of the capital raising, subject to any necessary approvals.

http://www.asx.com.au/asxpdf/20121102/pdf/429ytt5yd1c0j5.pdf