Mr. Aaron Stone reports
QCX GOLD CORP. ANNOUNCES CLOSING OF PRIVATE PLACEMENT OF FLOW-THROUGH UNITS
QCX Gold Corp. has closed a non-brokered private placement offering of an aggregate of 5,067,997 flow-through units of the company at a price of 15 cents per flow-through unit for gross proceeds of $760,199.55.
Each flow-through unit comprises one common share in the capital of the company, issued on a flow-through basis, and one-half of one common share purchase warrant. The flow-through shares will qualify as flow-through shares within the meaning of Subsection 66(15) of the Income Tax Act (Canada). Each warrant entitles the holder thereof to acquire one additional common share of the company, to be issued on a non-flow-through basis, at an exercise price of 18 cents until Dec. 30, 2022.
The gross proceeds derived from the sale of the flow-through units under offering will be used for general exploration expenditures on the company's mineral properties located in Quebec.
In connection with the offering the company paid certain eligible persons: (i) a cash commission in the aggregate of $21,305.96; (ii) an aggregate of 274,037 broker warrants; and (iii) an aggregate of 130,000 units in lieu of cash commission. Each broker warrant entitles the holder thereof to acquire one common share at an exercise price of 15 cents until Dec. 30, 2022. Each broker unit comprises one common share and one warrant, each warrant comprising the broker units having the same terms as the warrants comprising the flow-through units.
The closing of the offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the final approval of the TSX Venture Exchange.
About QCX Gold Corp.
QCX Gold is exploring for gold and volcanogenic-massive-sulphide-style mineralization on its highly prospective and well-located properties in Quebec, Canada. The Golden Giant project is located in James Bay, only 2.9 kilometres away from Azimut's discovery site -- the Elmer gold project. The Fernet project is located in Abitibi and is contiguous with Wallbridge Mining's Fenelon/Martiniere property. Both properties are in close proximity to major discoveries, which bodes well for exploration.
We seek Safe Harbor.
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