• Heavily oversubscribed Share Purchase Plan (SPP) upscaled to $7M
• Funds to accelerate Isaac Power Station workstreams and gas supply initiatives
• Additional funds to support debt financing due diligence and credit approval

Queensland Pacific Metals Ltd (QPM) has announced the completion of its Share Purchase Plan (SPP), which was heavily oversubscribed. The company received total applications well in excess of the initial $2 million target. In response, the QPM Board has decided to upscale the SPP to approximately $7 million to allow as many shareholders as possible to participate in the capital raising. The additional funds raised under the SPP will be used to accelerate workstreams related to the Isaac Power Station (IPS) project, including finalizing detailed engineering, tenders and contracting strategy, grid connection activities, and procurement of other long lead items. The funds will also be used to support independent expert technical reports required by debt financiers as part of their due diligence and credit approval process, as well as to pursue additional gas supply initiatives in close proximity to the Moranbah Gas Project. QPM CEO David Wrench expressed delight at the strong shareholder support for the company's strategy, noting the growing need for gas-fired generation to support the energy transition, particularly in Queensland.

The additional funds raised through the oversubscribed SPP will allow QPM to accelerate the development of the Isaac Power Station and pursue further gas supply initiatives, consolidating the company's position as a growing energy utility in Queensland.