TORONTO, ONTARIO--(Marketwired - Oct. 5, 2017) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
(All figures in Canadian dollars unless otherwise stated)
QMX Gold Corporation ("QMX" or the "Company") (TSX VENTURE:QMX) has completed its previously announced bought deal private placement financing for total gross proceeds of approximately $6.4 million (the "Offering"). In connection with the financing, the Company issued 9,019,800 units ("Units") at a price of $0.26 per unit and 13,124,900 flow-through common shares ("Flow-Through Shares") at a price of $0.31 per flow through common share. Each Unit was comprised of one common share and one-half of a share purchase warrant (each whole warrant, a "Warrant"), with each Warrant exercisable at any time prior to 4:00 p.m. (Toronto time) on October 5, 2019 at a price of $0.35 per Warrant. The Company intends to use these proceeds to continue exploration activities on its Val-d'Or Mining Camp property.
Brad Humphrey, President and CEO of QMX Gold, commented, "With this funding in place, we are in a strong position to continue to build on our recent successes in Val d'Or Quebec."
Mackie Research Capital Corporation led a syndicate of underwriters, which was comprised of Desjardins Securities Inc., Haywood Securities Inc. and PI Financial Corp ("Underwriters"). In connection with the Offering, the Company paid the Underwriters cash commissions equal to 6% of the gross proceeds of the Offering and issued that number of warrants ("Broker Warrants") as is equal to 6.0% of the aggregate number of Units and Flow-Through Shares purchased under the Offering.
The shares issued in the financing are subject to a statutory hold period ending four months and -one day from the closing date. The financing remains subject to receipt of final approval of the TSX Venture Exchange.
About QMX Gold Corporation
QMX Gold Corporation is a Canadian based resource company traded on the TSX-V under the symbol "QMX". The Company was recently restructured and is now systematically exploring its extensive property position in the Val d'Or mining camp in the Abitibi District of Quebec. In addition to its extensive land package, QMX owns the Aurbel gold mill.
This press release contains or may be deemed to contain "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements regarding the future plans, operations and activities, proposed use of proceeds, receipt of required permits, obtaining necessary financing, and the ability of the Company to continue as a going concern. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, its properties and/or its projects to be materially different from those expressed or implied by such forward-looking information, including but not limited to those risks described in the disclosure documents of the Company filed under the Company's profile on SEDAR. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Neither 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 release.
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