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Questcorp Mining Inc. (CSE: QQQ) (the "Company" or "Questcorp") announces that it has closed its non-brokered private placement offering (the "Offering") of 4,999,999 units (each, a "Unit") at a price of $0.07 per Unit for gross proceeds of $350,000. Each Unit consists of one common share of the Company and one common share purchase warrant entitling the holder to acquire a further common share of the Company at a price of $0.10 per common share until June 28, 2026 (each, a "Warrant").
An insider of the Company participated in the Offering for 183,570 Units in the aggregate. Such participation represents a related party transaction subject to Multilateral Instrument 61-101 - Protection of Minority Holders in Special Transaction ("MI 61-101"). The transaction is however exempt from the formal valuation and minority shareholder approval requirements provided under subsections 5.5(a) and 5.7(a) of MI 61-101 on the basis that participation in the Offering did not exceed 25% of the fair market value of the Company's market capitalization.
The proceeds of the Offering will be used by the Company to advance an exploration program at its North Island Copper Property and for general working capital purposes. In connection with the completion of the Offering, the Company has paid finders' fees of $7,392 and issued 57,600 Warrants to arms-length finders who assisted in introducing subscribers to the Company. All securities issued in connection with the Offering are subject to a statutory hold period of four-months-and-one-day until October 29, 2024.
About Questcorp Mining Inc.
Questcorp Mining Inc. is engaged in the business of the acquisition and exploration of mineral properties in Canada. The Company holds an option to acquire an undivided 100% interest in and to mineral claims totaling 1,168.09 hectares comprising the North Island Copper Property, on Vancouver Island, British Columbia, subject to a royalty obligation. The Company's secondary objective is to locate and develop economic precious and base metals properties of merit.
Contact Information
Questcorp Mining Corp.
Saf Dhillon, President & CEO
Email: saf@questcorpmining.ca
Telephone: (604) 484-3031
Certain statements in this news release are forward-looking statements, which reflect the expectations of management regarding the intended use of proceeds from the Offering. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change.
The Canadian Securities Exchange (the "CSE") has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/215184
