QEM secures AU$2 million Unsecured Loan Facility for financial flexibility

QEM Limited (ASX: QEM) has recently entered into an unsecured loan agreement with CL Fitch Pty Ltd ("Financier"), an entity under the control of QEM's major shareholder and Non-Executive Director, David Fitch. This financial arrangement serves as a crucial resource for QEM, with its primary purpose being the funding of the Scoping Study's completion and bolstering QEM's working capital.

The Facility offers an initial funding tranche of AU$1 million to QEM, along with the option to request an additional AU$1 million within a six-month period following the Facility's commencement. Interest is levied at a rate of 10.0% per annum on the utilized amounts, payable upon maturity, set at 12 months. Importantly, QEM holds the prerogative, up to nine months after the Facility's initiation, to settle the outstanding Facility amount, whether in full or in part, by issuing QEM shares.

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