But the company’s share fell 23 per cent today after the capital raising and a warning that documentation for its financing for the $2 billion nickel and cobalt project in Townsville had been set back by up to six months and was now not anticipated until the first half of 2024.

However, the capital raising showed strong demand for the company’s shares, and its major investor, General Motors pumped in another $1.5 million through a placement. Nickel ore producer Societe de Mines de la Tontouta (SMT) also took a $5 million stake.

Retail investors also have an $8 million allocation for investment.

LG and Posco also have stakes in QPM, but there was no detail on whether those two companies had taken any further equity.

QPM also revealed it may split the company.

“Board and management of QPM are committed to assessing how shareholder value can be maximised from improved performance at the Moranbah project and growth in the broader QPM Energy business,” the company said.

“This may result in different ownership and funding structures for the TECH (nickel) project and QPME in the future.”

The funds raised would be used for the production growth from the Moranbah gas project which QPM has yet to finalise. The project would supply gas to the Townsville nickel project and also to the Townsville gas-fired power station which means extra revenue and diversification for QPM.

However, QPM is seeking about $1.8 billion from key government lenders and credit agencies like the North Australian Infrastructure Facility and due diligence was underway.

But given the delays in finalising the Moranbah gas project, the timeline with lenders has been changed.

“While the aim has been to achieve credit approved term sheets from the banks around year end, this is now anticipated to occur during the first half of 2024,” the company said.