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QCX Gold Corp. (TSXV: QCX,OTC:QCXGF) (OTC Pink: QCXGF) (FSE: 21MA) ("QcX" or the "Company") announces that it intends to settle an aggregate of $272,088.34 of indebtedness to arm's length and non-arm's length creditors of the Company, through the issuance of 1,060,358 common shares in the capital of the Company (the "Common Shares") at a price of $0.2566 per Common Share (the "Debt Settlement").
The completion of the Debt Settlement remains subject to the approval of all regulatory and other approvals, including the approval of the TSX Venture Exchange. All securities issued pursuant to the Debt Settlement will be subject to a statutory hold period of four months and one day from the issuance thereof, as applicable, in accordance with applicable securities laws.
The Debt Settlement constitutes a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") as an insider of the Company will receive 622,565 Common Shares. The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101, as the Company is not listed on a specified market and the fair market value of the Common Shares issuable to the insider in connection with the proposed Debt Settlement does not exceed 25% of the market capitalization of the Company in accordance with MI 61-101.
About QcX Gold
QcX Gold is exploring for gold and VMS style mineralization on its highly prospective and well-located properties in Québec, Canada. The Golden Giant Project is located in the James Bay region, only 2.9 km from Azimut Exploration Inc.'s Patwon discovery on their Elmer gold project. The Fernet Project is located in the Abitibi Greenstone Belt and is contiguous with Wallbridge Mining Company Limited's Fenelon/Martinière property. Both properties are in close proximity to major discoveries which bodes well for exploration.
On behalf of the Board of Directors:
Albert Contardi
Chief Executive Officer
Tel: (416) 361-2832
Email: acontardi@qcxgold.com
Website: www.qcxgold.com
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 release.
Forward-looking statements:
This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/303980
