QMC Completes Private Placement

Rhea-AI Summary

QMC Quantum Minerals Corp. has successfully closed a financing round, raising $750,000 through the issuance of 7.5 million units at $0.10 each. Each unit includes one common share and a purchase warrant exercisable at $0.16 for two years. The warrants may expire earlier if shares exceed $0.25 for ten consecutive days. The funds will be allocated for working capital and advancing mineral properties, including the Irgon Lithium Mine Project.

Positive

• Raised $750,000 through the issuance of 7.5 million units.
• Funds will be utilized for working capital and advancing mineral properties.

Negative

• None.

VANCOUVER, BC, Oct. 19, 2020 /PRNewswire/ -- QMC Quantum Minerals Corp., (TSX.V: QMC) (FSE: 3LQ) (OTC PINK: QMCQF) ("QMC" or "the Company") has closed its previously announced financing for gross proceeds of $750,000 through the issuance of 7.5-million units at $0.10 per unit, where each unit will consist of one common share and one common share purchase warrant exercisable at $0.16 per warrant for a period of 24 months, in the event that the closing price of the Company's shares as quoted on the TSXV exceeds $0.25 per share for ten consecutive trading days, the Company may accelerate the expiry date of the 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. 

As per Multilateral Instrument 61-101, there were no purchases by insiders.

In connection with the private placement, the Company paid finder's fees to arm's length third parties consisting of $4,000 cash.

All shares to be issued pursuant to the financing will be subject to a four-month plus a day hold period under applicable securities laws in Canada. 

The Company intends to use the net proceeds from the private placement for working capital, advancing its mineral properties, and general corporate purposes.

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, rare metal resource properties of merit. The Company's properties include the Irgon Lithium Mine Project and 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.

On behalf of the Board of Directors of
QMC QUANTUM MINERALS CORP.
"Balraj Mann"
Balraj Mann
President and Chief Executive Officer
604-601-2018

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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.

View original content:http://www.prnewswire.com/news-releases/qmc-completes-private-placement-301155184.html

SOURCE QMC Quantum Minerals Corp.

FAQ

What financing did QMC Quantum Minerals Corp. announce?

QMC Quantum Minerals Corp. announced a financing round raising $750,000 through the issuance of 7.5 million units at $0.10 each.

What will the proceeds from the financing be used for?

The proceeds will be used for working capital, advancing mineral properties, and general corporate purposes.

What are the terms of the warrants associated with the financing?

Each warrant is exercisable at $0.16 for 24 months, with potential early expiry if the closing price exceeds $0.25 for ten consecutive trading days.

When was the financing for QMC Quantum Minerals Corp. closed?

The financing was closed on October 19, 2020.

What properties does QMC Quantum Minerals Corp. own?

QMC owns the Irgon Lithium Mine Project and two VMS properties in Manitoba.