Quebec Precious Metals Announces $1.5 Million Private Placement of Common Shares

Rhea-AI Summary

Quebec Precious Metals Corporation (CJCFF) has announced a private placement aiming to raise $1,500,400 by issuing 6,820,000 common shares at $0.22 each. The offering includes an 8.0% finders' fee for certain subscribers and will be conducted in Canada and the U.S. under specific exemptions. Proceeds from this sale will be allocated to exploration and general corporate needs. The closing of the placement is anticipated around April 30, 2021, pending necessary approvals.

Positive

• Private placement expected to raise $1,500,400.
• Funds will be used for exploration and working capital.
• Conducting the offering under exemptions facilitating access to U.S. investors.

Negative

• The requirement for a four-month hold period may delay liquidity for investors.

MONTREAL, QC / ACCESSWIRE / April 14, 2021 / Quebec Precious Metals Corporation (TSXV:CJC)(FSE:YXEP)(OTCQB:CJCFF) ("QPM" or the "Company") is pleased to announce a "best efforts" private placement to raise gross proceeds of $1,500,400, through the issuance of 6,820,000 common shares of the Company (the "Common Shares") at a price of $0.22 per Share (the "Offering").

In connection with the Offering, the Company may pay for certain subscribers a finders' fee of 8.0% of the gross proceeds of the Offering on the closing and will also issue to finders for certain subscribers non-transferable compensation warrants equal to 8.0% of the number of Common Shares issued.

The Common Shares shall be distributed in Canada pursuant to private placement exemptions in each of the provinces of Canada and the Shares may be distributed in the United States on a private placement basis pursuant to exemptions from the registration requirements pursuant to Rule 144A of the United States Securities Act of 1933, as amended, in a manner that does not require the Common Shares to be registered in the United States. The Common Shares may also be sold in such other international jurisdictions as the Company may agree.

The Common Shares will be subject to a four-month "hold period" commencing on the closing date pursuant to National Instrument 45-102 - Resale of Securities and Regulation 45-102 respecting Resale of Securities (Québec) and the certificates or DRS advices representing such securities will bear a legend to that effect.

The net proceeds from the sale of the Common Shares will be used for exploration expenditures as well as for general corporate and working capital purposes.

The private placement is expected to close on or about April 30, 2021, and is subject to certain closing conditions including, but not limited to, the receipt of all necessary approvals, including the acceptance of the TSX Venture Exchange.

About Quebec Precious Metals Corporation

QPM is a gold explorer with a large land position in the highly-prospective Eeyou Istchee James Bay territory, Quebec, near Newmont Corporation's Éléonore gold mine. QPM's flagship project is the Sakami project with significant grades and well-defined drill-ready targets. QPM's goal is to rapidly explore the project to advance it to the mineral resource estimate stage.

For more information please contact:

Jean-François Meilleur
President
Tel.: 514 951-2730
jfmeilleur@qpmcorp.ca

Normand Champigny
Chief Executive Officer
Tel.: 514 979-4746
nchampigny@qpmcorp.ca

Neither 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 release.

SOURCE: Quebec Precious Metals Corporation

View source version on accesswire.com:
https://www.accesswire.com/640335/Quebec-Precious-Metals-Announces-15-Million-Private-Placement-of-Common-Shares

FAQ

What is the purpose of Quebec Precious Metals Corporation's private placement offering?

The private placement aims to raise $1,500,400 for exploration expenditures and general corporate purposes.

When is the expected closing date for the private placement by Quebec Precious Metals?

The private placement is expected to close on or about April 30, 2021.

What is the price per share in the private placement by Quebec Precious Metals Corporation?

The shares are being offered at a price of $0.22 each.

How many common shares will be issued in the private placement by Quebec Precious Metals?

A total of 6,820,000 common shares will be issued.

What fees are associated with the private placement by Quebec Precious Metals?

The Company may pay a finders' fee of 8.0% of gross proceeds and issue non-transferable compensation warrants.

What are the conditions for the private placement by Quebec Precious Metals Corporation?

The private placement is subject to certain closing conditions, including TSX Venture Exchange approval.