QMC Quantum Minerals Corp. Announces Financing
November 16 2017 - 1:42PM
QMC Quantum Minerals Corp., (TSXV:QMC)
(FRANKFURT:3LQ) (OTC PINK:QMCQF)
(“QMC” or "the
Company"), has arranged a private placement of up to
$1,625,000. The financing will consist of issuing up to 2.5-million
units at $0.65 per unit, where each unit will consist of one common
share and one-half of a common share purchase warrant exercisable
at $0.80 per whole warrant for a period of 18 months, in the event
that the closing price of the Company’s shares as quoted on the
TSXV exceeds $1.00 per share for ten consecutive days, the Company
may accelerate the expiry date of the $0.80 warrants by giving
notice to the holders, within five days of such event, thereof, and
in such case, the warrants will expire on the 30th day after the
date on which such notice is given by the Company.
All securities issued pursuant to this private
placement will be subject to a four-month hold. The private
placement is subject to acceptance by the TSX Venture Exchange.
A portion of the offering may be made in
accordance with the provisions of the existing shareholder
exemption (the “Existing Shareholder Exemption”). The company has
set November 14, 2017 as the record date for the purpose of
determining existing shareholders entitled to purchase the units
pursuant to the prospectus exemption set out in B.C. Instrument
45-534 (and in similar instruments in other provinces of Canada).
The Existing Shareholder Exemption limits a shareholder to a
maximum investment of $15,000 in a 12-month period unless the
shareholder has obtained advice regarding the suitability of the
investment and, if the shareholder is resident in a jurisdiction of
Canada, that advice has been obtained from a person that is
registered as an investment dealer in the jurisdiction. If the
company receives subscriptions from investors relying on the
existing shareholder exemption exceeding the maximum offering, the
company may adjust the subscriptions received on a pro rata
basis.
Finders' fees may be paid by the company in
conjunction with the completion of the private placement in
accordance with TSX Venture Exchange policies.
The Company intends to use the net proceeds from
the private placement for working capital, advancing its Irgon
Lithium Mine project and general corporate purposes.
The board of directors have authorized the grant
of 1.5 million incentive stock options to its directors, officers,
and consultants at an exercise price of $0.65 per option. The
options are exercisable on or before November 15, 2022. The
stock option grant is subject to acceptance by the TSX Venture
Exchange.
About the Company
QMC is a British Columbia based company engaged
in the business of acquisition, exploration and development of
resource properties. Its objective is to locate and develop
economic precious, base metal and resource properties of merit. The
Company’s properties include the Irgon Lithium Mine project, two
VMS properties, the Rocky Lake and Rocky-Namew known collectively
as the Namew Lake District Project, and the Carrot River Gold
Property. Currently, all of the company’s properties are located in
Manitoba.
On behalf of the Board of Directors
of
QMC QUANTUM MINERALS CORP.
“Balraj Mann”
Balraj Mann
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this news release.
Balraj MannPresident and Chief
Executive OfficerTel: (604)
601-2018email:
info@qmcminerals.com web:
www.qmcminerals.com
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