QMC Quantum Minerals Corp. Closes Private Placement and Expedites Work Program
December 15 2017 - 8:45AM
QMC Quantum Minerals Corp., (TSXV:QMC)
(FRANKFURT:3LQ) (OTC PINK:QMCQF)
(“QMC” or "the
Company"), has closed its previously announced financing
for gross proceeds of $1,625,000 through the issuance of
2.5-million units of the company at a price of 65 cents per
unit. Each unit will consist of one common share and one-half
of a common share purchase warrant. Each whole warrant will
entitle the holder to acquire one additional common share at an
exercise price of 80 cents for a period of 18 months from closing
of each tranche of the financing. All securities issued pursuant to
this private placement will be subject to a four-month plus one-day
hold period from the issuance date. The Company intends to use the
net proceeds from the private placement for working capital,
expediting its’ work program, begin drilling (once drilling permits
are in place), potentially produce a bulk-sample, and general
corporate purposes.
As per Multilateral Instrument 61-101, one
insider of the Company purchased 100,000 units in the private
placement.
In connection with the private placement, the
Company paid finder’s fees to arm’s length third parties consisting
of $74,490 cash and 114,600 brokers’ options, which allow the
holder to acquire for 65 cents per option, one common shares and
one common share purchase warrant exercisable at 80 cents per
warrant for a period of 18 months.
The Company may accelerate the expiry date of
the $0.80 warrants, 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 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.
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. 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 MannPresident 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.
Tel: (604) 601-2018email:
info@qmcminerals.comweb: www.qmcminerals.com
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