QMX Gold Upsizes and Closes Previously Announced Non-Brokered Private Placement at $1.8 Million
November 29 2018 - 6:30AM
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 it has closed its previously
announced non-brokered private placement for gross proceeds of
approximately $1.8 million (the “Offering”). In connection with the
Offering, the Company issued 19,872,000 units (each, a “Unit”) at a
price of $0.09 per Unit. Each Unit consists of one common share of
the Company that qualify as a “flow through share” for purposes of
the Income Tax Act (Canada) (each, a “FT Share”) and one half of
one common share purchase warrant (each whole warrant, a
“Warrant”), entitling the holder to acquire one additional regular
common share at an exercise price of $0.11 for a period of 24
months from issuance (each, a “Common Share”).
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.
In connection with the Offering, QMX has engaged
Canaccord Genuity Corp. to act as its financial advisor for the
Offering and paid aggregate finder’s fees of $112,322.00 in cash
and 1,248,021 finder’s warrants (“Finder’s Warrants”) to certain
finders. Each Finder Warrant will entitle the holder thereof to
purchase one Share at a price of $0.11 for a period of 24 months
from the date of the closing of the Offering.
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 FT 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.
All securities issued under this Offering are
subject to a statutory hold period ending four months and one day
from the closing date of the Offering.
The securities offered under the Offering 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.
Board Update
QMX Gold is pleased to welcome Fred Leigh back
to the board of directors of the Company as Interim Chairman. Mr.
Leigh was the Chairman of QMX from mid-2016 to late 2017. Mr. Leigh
will replace Michael Timmins who has elected to step down from his
role as Executive Chairman, effective immediately, in order to
pursue other opportunities. We would like to thank Mr. Timmins for
his valuable contribution to QMX on multiple corporate development
initiatives including the recently announced custom milling
agreement with Gowest Gold Ltd. We wish him all the best in his
future endeavors.
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: |
|
Brad Humphrey |
Louis Baribeau |
President and CEO |
Public Relations |
Tel: (416) 861-5887 |
Tel: (514) 667-2304 |
|
|
Toll free: +1 877-717-3027 |
|
Email: info@qmxgold.ca |
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, 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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