QMX Gold Corporation (TSX-V:QMX) is pleased to announce the closing of the previously announced non-brokered private placement financing for gross proceeds of $6,000,000 at a price of $0.10 per share consisting of 50,0000,000 common shares and 10,000,000 flow through shares. QMX intends to use the proceeds from the private placement to resume exploration activities, general corporate purposes and to settle outstanding indebtedness.
QMX is also pleased to report that Osisko Gold Royalties Ltd participated in the private placement and now hold 15 million shares or approximately 13% of the total shares issued and outstanding.
With the closing of the private placement, and the previously announced debt settlement agreement, QMX is now in a strong position to resume its exploration activities in Val d’Or. A first phase drill program is expected to begin in early November focusing on prospective gold targets along the western boundary.
“QMX is pleased to welcome Osisko as a shareholder. We view this investment as a vote of confidence in the exploration potential in Val d’Or” commented Mr. Humphrey, President and CEO. “With the closing of the private placement and by reaching a debt settlement agreement with our debenture holders, we are excited to resume exploration activities on our very prospective address.”
The financing remains subject to receipt of final approval from the TSX Venture Exchange. All shares issued pursuant to the private placement will be subject to a statutory four month and one day hold period expiring on February 18, 2017.
About QMX Gold Corporation
QMX Gold Corporation is a Canadian resource company traded on the TSX-V under the symbol “QMX”. The Company is exploring its more than 200km2 property position in the Val d’Or mining camp in the Abitibi District. In addition, QMX owns the Aurbel gold mill in Val d’Or Quebec.
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