QX Resources raises capital for project expansion

QX Resources (ASX:QXR) has announced a successful capital raise, securing $1 million through a two-tranche share placement. Shares will be offered at $0.005 each, a 16% discount from the last closing price. The funds will support the company's gold, iron ore, and lithium projects, as well as future opportunities.

Overview of QX Resources' strategic funding move

QX Resources (ASX:QXR) is advancing its strategic goals with a $1 million capital raise through a two-tranche share placement. The funds will propel the company's gold projects in Queensland and iron ore and lithium projects in Western Australia, as well as cover general working capital and explore new ventures. The placement involves issuing 200 million shares at a 16% discount, with directors contributing to the second tranche pending shareholder approval. The initiative reflects QX Resources' commitment to enhancing its portfolio and securing future growth opportunities.

Executive commentary on capital raise

We are pleased to have secured firm commitments for this placement which will enable us to progress our existing projects and pursue new opportunities. The participation of directors in Tranche 2 underscores their confidence in our strategy and potential for growth.