VANCOUVER, British Columbia, Nov. 16, 2017 (GLOBE NEWSWIRE) -- QMC Quantum Minerals Corp., (TSXV:QMC) (FRANKFURT: 3LQ ) (OTC PINK:QMCQF) (“QMC” or "the Company") , has arranged a private placement of up to $1,625,000. The financing will consist of issuing up to 2.5-million units at $0.65 per unit, where each unit will consist of one common share and one-half of a common share purchase warrant exercisable at $0.80 per whole warrant for a period of 18 months, 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, the Company may accelerate the expiry date of the $0.80 warrants by giving notice to the holders, within five days of such event, thereof, and in such case, the warrants will expire on the 30 th day after the date on which such notice is given by the Company.
All securities issued pursuant to this private placement will be subject to a four-month hold. The private placement is subject to acceptance by the TSX Venture Exchange.
A portion of the offering may be made in accordance with the provisions of the existing shareholder exemption (the “Existing Shareholder Exemption”). The company has set November 14, 2017 as the record date for the purpose of determining existing shareholders entitled to purchase the units pursuant to the prospectus exemption set out in B.C. Instrument 45-534 (and in similar instruments in other provinces of Canada). The Existing Shareholder Exemption limits a shareholder to a maximum investment of $15,000 in a 12-month period unless the shareholder has obtained advice regarding the suitability of the investment and, if the shareholder is resident in a jurisdiction of Canada, that advice has been obtained from a person that is registered as an investment dealer in the jurisdiction. If the company receives subscriptions from investors relying on the existing shareholder exemption exceeding the maximum offering, the company may adjust the subscriptions received on a pro rata basis.
Finders' fees may be paid by the company in conjunction with the completion of the private placement in accordance with TSX Venture Exchange policies.
The Company intends to use the net proceeds from the private placement for working capital, advancing its Irgon Lithium Mine project and general corporate purposes.
The board of directors have authorized the grant of 1.5 million incentive stock options to its directors, officers, and consultants at an exercise price of $0.65 per option. The options are exercisable on or before November 15, 2022. The stock option grant is subject to acceptance by the TSX Venture Exchange.
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, and the Carrot River Gold Property. 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 Mann
President 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.
Balraj Mann President and Chief Executive Officer Tel: (604) 601-2018 email: info@qmcminerals.com web: www.qmcminerals.com
