Questcorp Mining Inc. (CSE: QQQ,OTC:QQCMF) (OTCQB: QQCMF) (FSE: D910) (the “Company” or “Questcorp”) is pleased to announce an expansion of its previously announced non-brokered private placement for up to 15,000,000 units (each a “Unit”) at a price of $0.20 per Unit for gross proceeds of up to $3,000,000 (the “Offer”). Each Unit will consist of one common share of the Company (each a “Share”) and a purchase warrant of one-half of one share (each whole share purchase warrant, a “Warrant”). Each Warrant entitles the holder to acquire an additional common share of the Company at a price of $0.30 for a period of thirty-six months after the closing of the Offering, except that holders will not be permitted to exercise Warrants until 60 days after the closing of the Offering.
The Company expects to use the proceeds from the Offering for exploration activities at the La Union Gold and Silver Project and the Company’s North Island Copper Project, and for general working capital purposes.
The Units to be issued under the Offer will be offered for sale in accordance with the financing exemption for listed issuers under Part 5A of National Instrument 45-106 – Prospectus exemptionsas amended by CSA Coordinated Framework Order 45-935 – Exemptions from certain conditions of the financing exemption of listed issuers (collectively the “Exemption for financing of listed issuers“), in all provinces of Canada, excluding Quebec, and other qualifying jurisdictions, including the United States. The Units offered under the publicly traded issuer financing exemption will be immediately “freely tradable” under applicable Canadian securities laws.
There is an offering document (the “Offer document“) relating to this Offer, which can be accessed through the Company’s profile at www.sedarplus.ca and on the Company’s website at https://questcorpmining.ca/. Potential investors should read this offering document before making any investment decision.
In connection with the completion of the Offering, the Company may pay finder’s fees to eligible third parties who introduced subscribers to the Offering. Completion of the Offering remains subject to receipt of regulatory approvals.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of any such jurisdiction. The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration requirements and applicable U.S. state securities laws.
About Questcorp Mining Inc.
Questcorp Mining Inc. engages in the acquisition and exploration of mineral properties in North America for the purpose of locating and developing economically valuable and base metal properties. The Company has an option to acquire a 100% undivided 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 also has an option to acquire a 100% undivided interest in and to mineral claims totaling 2,520.2 hectares comprising the La Union Project in Sonora, Mexico, subject to a royalty obligation.
This press release contains certain “forward-looking statements” under applicable Canadian securities laws. Forward-looking statements include, but are not limited to, statements regarding the intended use of proceeds from the Offering; closing of the Offer; and submission of the offering document. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors that may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, general business, economic, competitive, political and social uncertainties and uncertain capital markets; and delay or lack of board or regulatory approval. There can be no assurance that such forward-looking statements 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 statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/283532
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