VANCOUVER, British Columbia, Dec. 15, 2017 (GLOBE NEWSWIRE) -- 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.
