QMX Gold Announces Up to $1.5 Million Flow-Through Financing
October 31 2018 - 10:16AM
NOT FOR DISTRIBUTION TO UNITED STATES
NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES (All
figures in Canadian dollars unless otherwise stated)
QMX Gold Corporation (“QMX” or the “Company”)
(TSX.V: QMX) is pleased to announce a non-brokered private
placement financing to raise gross proceeds of up to $1.5 million
(the “Offering”). The Offering shall consist of approximately
16,666,666 flow through units (each a “Unit”) at a price of $0.09
per Unit that qualify as “flow through shares” for purposes of the
Income Tax Act (Canada). Each Unit will consist of one common
share of the Company and one half of one common share purchase
warrant (each whole warrant, a "Warrant"), entitling the holder to
acquire one additional common share at an exercise price of $0.11
for a period of 24 months from issuance.
The Company intends to use the net proceeds from
the Offering to fund the Company’s current exploration activities
on its Val-d’Or Mining Camp property located in Québec.
The closing of the Offering is expected to occur
on or about November 28, 2018 and is subject to the receipt of
regulatory approvals, including the approval of the TSX Venture
Exchange. The flow-through shares issued under this Offering will
be subject to a statutory hold period ending four months and one
day from the closing date of the Offering.
QMX has engaged Canaccord Genuity Corp. to act
as its financial advisor for the offering. The Company may
compensate persons who act as finders for the Offering in
accordance with the rules of the TSX Venture Exchange.
All of the expenditures funded with the gross
proceeds of the Offering shall qualify for "Canadian Exploration
Expenses" (within the meaning of the Income Tax Act (Canada)) and
will qualify as "flow-through mining expenditures" (the "Qualifying
Expenditures"), as defined in subsection 127(9) of the Income Tax
Act (Canada). In addition, the underlying shares will also qualify
for the two 10% enhancements under section 726.4.9 and section
726.4.17.1 of the Quebec Taxation Act, which will be renounced to
the subscribers with an effective date no later than December 31,
2018 to the initial purchasers of the Units in an aggregate amount
not less than the gross proceeds raised from the issue of the
Units.
The securities offered have not been registered
under the U.S. Securities Act of 1933, as amended, and may not be
offered or sold in the United States absent registration or an
applicable exemption from the registration requirements. This news
release shall not constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in
any State in which such offer, solicitation or sale would be
unlawful.
About QMX Gold Corporation
QMX Gold Corporation is a Canadian based
resource company traded on the TSX-V under the symbol “QMX”. The
Company is systematically exploring its extensive property position
in the Val d’Or mining camp in the Abitibi District of Quebec. QMX
is currently drilling in the Val d’Or East portion of its land
package focused on the Bonnefond plug and in and around the Bevcon
Intrusive. In addition to its extensive land package QMX owns the
strategically located Aurbel gold mill and tailings facility, which
is expected to commence Custom Milling in 2019.
Contact
Information: |
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Brad
Humphrey |
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Louis Baribeau |
President and
CEO |
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Public Relations |
Tel: (416)
861-5887 |
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Tel: (514)
667-2304 |
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Toll
free: +1 877-717-3027 |
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Email:
info@qmxgold.ca |
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Website: www.qmxgold.ca |
Cautionary Notes:
This press release contains or may be deemed to
contain “forward-looking information” within the meaning of
applicable Canadian securities legislation. Forward-looking
information includes, but is not limited to, statements regarding
the future plans, operations and activities, proposed use of
proceeds of the Offering, scheduled closing date of the Offering,
receipt of required permits, obtaining necessary financing, and the
ability of the Company to continue as a going concern. Generally,
forward-looking information can be identified by the use of
forward-looking terminology such as “plans”, “expects” or “does not
expect”, “is expected”, “budget”, “scheduled”, “estimates”,
“forecasts”, “intends”, “anticipates” or “does not anticipate”, or
“believes”, or variations of such words and phrases or state that
certain actions, events or results “may”, “could”, “would”, “might”
or “will be taken”, “occur” or “be achieved”. Forward looking
information is subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of the Company, its
properties and/or its projects to be materially different from
those expressed or implied by such forward-looking information,
including but not limited to those risks described in the
disclosure documents of the Company filed under the Company’s
profile on SEDAR. Although the Company has attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward-looking information,
there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that
such information will prove to be accurate, as actual results and
future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking information. The Company does not
undertake to update any forward-looking information, except in
accordance with applicable securities laws.
This news release does not constitute an offer
to sell or a solicitation of an offer to buy any of the securities
in the United States. The securities have not been and will
not be registered under the United States Securities Act of 1933,
as amended (the “U.S. Securities Act”) or any state securities laws
and may not be offered or sold within the United States or to U.S.
Persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available.
Neither 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 release.
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