(MENAFN- ProactiveInvestors)Investors have been queuing up for shares in NQ Minerals (ISDX:NQMI) prompting the company to issue more shares less just two weeks after it floated. The ISDX-listed Australia-focused mining group has placed just over nine million shares at 11p each raising £1mln. The company listed on the ISDX market on July 24 having raised £1mln via a share subscription at 8p a pop to fund the drilling programme on its two exploration projects: the Ukalunda and Square Post in North Queensland Australia. 'The support from our existing and new shareholders is encouraging and provides a clear endorsement of our approach and our ambitions to grow the Company. The proceeds will assist us in advancing our various projects and we are focused on creating long-term sustainable value for our shareholders' said Brian Stockbridge non-executive chairman of NQ. Management has been encouraged by the current works programme at Ukalunda with the company's chief geologist verifying that a large number of multi-element mines and prospects are present. There is evidence of the existence of large-scale deep-seated fault plumbing systems that are likely to have focused the mineralised fluids Stockbridge told investors. 'Further priority exploration is focused on breccia skarn epithermal and intrusion related targets and to establish the potential of the newly discovered tungsten and tin mineralisation as well as gold and other mineral systems which may be masked by cover deposits. "The board looks forward to providing further guidance on the project development timeline in due course. This positive update on progress coupled with the successful placing gives the board reason to view the future with confidence" Stockbridge said.
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