QMC Quantum Minerals Corp., (TSX-V: QMC) (FSE: 3LQ) (OTC PINK: QMCQF) has closed its previously announced financing for gross proceeds of $2.1-million through the issuance of 7.5-million units at $0.28 per unit, where each unit will consist of one common share and one common share purchase warrant exercisable at $0.37 per warrant for a period of 24 months, in the event that the closing price of the Company’s shares as quoted on the TSXV exceeds $0.50 per share for ten consecutive trading days, the Company may accelerate the expiry date of the warrants by giving notice to the holders, within five days of such event, thereof, and in such case, the warrants will expire on the 30th day after the date on which such notice is given by the Company.
Balraj Mann, CEO, commented: “Canada continues to solidify its electric vehicle manufacturing presence with General Motors (GM) joining Ford and Fiat Chrysler, announcing its plan to produce GM’s BrightDrop EV 6000 light commercial vehicle at its CAMI plant in Ingersoll, Ontario. This will be Canada’s first large-scale electric delivery vehicle manufacturing plant; FedEx has placed the first order for the EV 6000 and will take delivery of the first EV units by the end of the year. The EV manufacturing hub of Canada now has investments totaling approximately $6 billion which will significantly increase over the next few years. With QMC’s close proximity to North America’s EV Hub (Ontario, Michigan and Ohio), we are strategically positioned to be a key supplier in the electric vehicles battery supply chain.”
As per Multilateral Instrument 61-101, two insiders subscribed for an aggregate of 300,000 units.
In connection with the private placement, the Company paid finder’s fees to arm’s length third parties consisting of $11,200 cash.
All shares to be issued pursuant to the financing will be subject to a four-month plus a day hold period under applicable securities laws in Canada.
The Company intends to use the net proceeds from the private placement for working capital, advancing its mineral properties, and general corporate purposes.
About the Company
QMC is a British Columbia based company engaged in the acquisition, exploration and development of resource properties. Its objective is to locate and develop economic precious, base, rare metal resource properties of merit. The Company’s properties include the Irgon Lithium Mine Project and two VMS properties, the Rocky Lake and Rocky-Namew, known collectively as the Namew Lake District Project. Currently, all of the Company’s properties are located in Manitoba.
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We acknowledge the [financial] support of the Government of Canada.