Queensland Pacific Metals was seeking $30 million in a share placement for its Townsville project.
The single-tranche placement was priced at 16¢ a share, an 8.6 per cent discount to the last close, according to terms sent to potential investors.
It planned to spend the bulk of the funds raised on completing the definitive feasibility study ($15.1 million), working capital and other similar costs ($13.4 million), detailed engineering ($12 million), and capex and opex for test work ($7.5 million).
It has binding offtake agreements with POSCO for cobalt and with LG for cobalt and nickel.
The Townsville DFS is due mid-2022, with the company expecting production to start in 2024.
Foster Stockbroking and Petra Capital were appointed the joint lead managers.
