Quebec Precious Metals Receives $ 1 M Payment

Rhea-AI Summary

Quebec Precious Metals Corporation (CJCFF) announced on November 7, 2022, that it received a payment of $1,013,124 from Vital Metals Limited, following Vital's decision not to proceed with the acquisition of QPM's interests in the Kipawa and Zeus heavy rare earth projects. This payment is part of a binding term sheet established on August 9, 2021, and amended in February 2022. QPM is focused on gold exploration in Quebec, particularly the Sakami project, which has promising grades and aims to quickly advance to mineral resource estimation.

Positive

• Received payment of $1,013,124 from Vital Metals, enhancing cash flow.
• Continues focus on the Sakami project, which has significant grades and drill-ready targets.

Negative

• Vital Metals decided not to acquire QPM's interests in Kipawa and Zeus projects, indicating a setback in potential asset sales.

MONTREAL, QC / ACCESSWIRE / November 7, 2022 / Quebec Precious Metals Corporation (TSX.V:CJC)(FSE:YXEP)(OTCQB:CJCFF) ("QPM" or the "Corporation") announces that in connection with the October 10, 2022 press release stating that Vital Metals Limited ("Vital") has advised QPM that it is not proceeding with the acquisition of QPM's 68% interest in the Kipawa and 100% interest in the Zeus heavy rare earth projects, QPM has received a payment of $1,013,124 under the terms of the binding term sheet dated August 9, 2021, as amended on February 4, 2022 between QPM and Vital.

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 Sakami project and advance to the mineral resource estimate stage.

For more information please contact:

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/724119/Quebec-Precious-Metals-Receives-1-M-Payment

FAQ

Why did Quebec Precious Metals receive a payment from Vital Metals?

Quebec Precious Metals received $1,013,124 from Vital Metals due to Vital's decision not to proceed with the acquisition of QPM's interests in Kipawa and Zeus projects.

What is the significance of the $1,013,124 payment for CJCFF?

The $1,013,124 payment improves Quebec Precious Metals' cash flow and financial position following the termination of the acquisition deal.

What is the focus of Quebec Precious Metals Corporation?

Quebec Precious Metals is primarily focused on gold exploration, particularly in the Sakami project in Quebec, which has promising mineral targets.

What are the implications of Vital Metals not proceeding with the acquisition?

Vital Metals' decision not to proceed with the acquisition represents a setback for QPM, potentially affecting their asset monetization strategy.