• Firm commitments received to raise $7.5 million via a placement
• Funds will be used to accelerate exploration and development at Mt Mackenzie, Mt Chalmers and Develin Creek projects, as well as debt repayment
• Previous drilling results at Mt Mackenzie include 100m @ 2.86g/t Au and 13g/t Ag, and 88m @ 2.70g/t Au and 16g/t Ag

QMines Limited (ASX:QML) has received firm commitments to raise $7,500,000 (before costs) by way of a two-tranche placement. The company will issue up to 136,363,637 fully paid ordinary shares at $0.055 per share, with the second tranche being subject to shareholder approval. The placement received strong demand from existing shareholders and new professional and sophisticated investors. The funds raised will be used primarily for the planned infill and extensional drilling program at the company's high-grade Mt Mackenzie gold and silver project. Funds will also be used to pay down outstanding loans, purchase additional freehold land to further de-risk a potential future mining operation at Mt Chalmers, and for working capital. Previous drilling results at Mt Mackenzie include 100m @ 2.86g/t Au and 13g/t Ag from 20 metres, and 88m @ 2.70g/t Au and 16g/t Ag from 32 metres, ending in mineralisation. The company is now well-funded to accelerate exploration and development at its key projects, including Mt Mackenzie, Mt Chalmers, and Develin Creek.

The funds raised will be used to accelerate exploration and development at the company's Mt Mackenzie, Mt Chalmers and Develin Creek projects, as well as to repay debt.

The company will shortly commence a large drilling program at its Mt Mackenzie project, where it has two high-grade gold and silver deposits that have the potential to grow the scale of a potential mining operation at Mt Chalmers.