Stocks of the Hour: Queensland Pacific Metals, Lake Res, Openlearning

Queensland Pacific Metals (ASX:QPM) and General Motors Holdings LLC (NYSE: GM) announced the formation of a strategic collaboration, via a material investment and long term offtake agreement. The announcement outlines a conditional commitment of up to US$69m(A$108m) by the way of an equity subscription in QPM, including a binding commitment of US20.1m at A$0.18 per share. QPM Managing Director Dr Stephen Grocott commented, “GM’s investment in our company and the associated offtake brings us one step towards construction of the TECH Project where we will one day aim to deliver the world’s cleanest produced nickel and cobalt. Shares are trading 16.7 per cent higher at 18 cents.

Lake Resources (ASX:LKE) and SK On execute a Conditional Framework Agreement (CFA) involving a 10 per cent strategic investment in Lake Resources and offtake for up to 25,000 tonnes per annum battery grade lithium (LCE) from the Kachi Project which is subject to a set of conditions under the CFA. Lake's new CEO and MD David Dickson said that the CFA cements the ability for Lake to increase their environmentally responsible production, and allows the opportunity for SK On to participate in Lake’s other projects, to ensure that the supply of high quality lithium products are created. Shares are trading over 1 per cent higher at $1.

Global lifelong learning platform Openlearning Limited (ASX:OLL) is pleased to announce that it has secured a strategic investment from Education Centre of Australia (‘ECA’), a diverse international educational group with offices in seven countries, partnerships with Australian, U.K. and Indian universities, and wholly owned Australian education providers that enrol over 7,000 students per year. ECA has invested circa A$1.1 million in the Company through the issue of 25 million new ordinary shares at A$0.043 per share, representing approximately a 24.5% premium to Openlearning’s 30-day volume weighted average price (VWAP) of $0.034 up to 6 October 2022. Openlearning Group CEO Adam Brimo said: “We’re excited to welcome ECA to the register as a strategic investor and we look forward to working with them as we finalise our strategic review and explore a range of growth opportunities. Shares are trading 17.9 per cent higher at 3 cents.
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