Queensland Pacific Metals Limited (ASX:QPM) announced that it has entered into a binding agreement with LG Energy Solution, Ltd. and POSCO GEM No.1 Fund, a fund managed by POSCO Venture Capital Co., Ltd. for 141,765,556 common stock at a price of AUD 0.1364 for gross proceeds of AUD 19,336,821.8384 on June 8, 2021. LG Energy Solution, Ltd. will invest 99,235,889 shares for gross proceeds AUD 13,535,775.2596 of and POSCO GEM 1ST FUND, a fund managed by POSCO Venture Capital Co., Ltd. will invest 42,529,667 shares for gross proceeds of AUD 5,801,046.5788. Post completion of the transaction, the ownership interest of will be 7.5% and 3.2%, respectively.

The transaction is subject to lock up period of 12 months. The transaction is conditional upon shareholder approval. A notice of meeting for an extraordinary general meeting will be sent out shortly.

The company will hold its general meeting of shareholders on July 13, 2021.