Quinto Real Capital Closes Private Placement
TSX VENTURE: QIT
MONTREAL, QUEBEC--(Marketwired - Nov. 3, 2016) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES OF AMERICA
Quinto Real Capital Corporation ("Quinto") (TSX VENTURE: QIT) is pleased to announce that it has completed a private placement by issuing a total of 4,680,000 units (each a "Unit") at a price of $0.05 per Unit for total gross proceeds of $234,000 (the "Offering"). All securities issued at the closing of the Offering are subject to a four month hold period under applicable securities legislation and the policies of the TSX Venture Exchange, expiring on March 3, 2017.
Each Unit is comprised of one common share and one common share purchase warrant. Each common share purchase warrant entitles its holder to purchase one common share of Quinto at a price of $0.08 until November 2, 2018.
Quinto will use the proceeds from the private placement for general corporate purposes. As a result of the Offering, 23,129,998 common shares of Quinto are issued and outstanding.
The Offering was carried on a non-brokered private placement basis pursuant to prospectus exemptions of applicable securities laws and is subject to final acceptance by the TSX Venture Exchange. In consideration for the services of arm's length finder (the "Finder") in connection with the Offering, the Finder received a cash commission equal to 8% of the gross proceeds from the sale of Units.
Insiders of Quinto purchased an aggregate of 320,000 Units and, accordingly, the private placement is a "related party transaction" within the meaning of Regulation 61-101 Protection of Minority Security Holders in Special Transactions ("Regulation 61-101"). Since the fair market value of the consideration for the Units issued to insiders did not exceed 25% of the Quinto's market capitalization, Quinto intends to rely on the exemptions from the valuation and minority shareholder approval requirements of Regulation 61-101 contained in Sections 5.5(a) and 5.7(1)(a) of Regulation 61-101. No new insiders were created, nor has there been any change of control as a result of the Offering.
About Quinto Real Capital Corporation
Quinto Real Capital Corporation (TSX VENTURE:QIT) is a Canadian gold exploration company. It owns a 5% interest in the Monster Lake property (IAMGOLD: 50%/TomaGold: 45%) and an option to acquire a 75% interest in the Gwillim, Fancamp and Embry properties, all located close to the Chibougamau mining camp in Quebec, Canada. Quinto is constantly in search of new projects and ideas both in Canada and abroad.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. The statements made in this news release that are not historical facts are "forward-looking statements". Readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results may vary materially from those described in these "forward-looking" statements.
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 of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (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 (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available.