Announces that it has entered into an agreement with Challenger Exploration Ltd. whereby the Company will purchase US$15,000,000 of convertible debentures to be issued by Challenger. QRC's investment is being made concurrent with a A$2.6 million equity private placement by Challenger's largest shareholder at A$0.19 per share. Queen's Road Capital Investment Ltd shares T.QRC are trading up $0.05 at $0.71.