QX Metals Announces Private Placement Financing
June 26, 2020
Vancouver, B.C., June 26, 2020. QX Metals Corp. (TSX-V: QX) (OTC: BLSSD) (“QX Metals” or the “Company”) is pleased to announce that further to its news releases of May 25, 2020 and June 5, 2020, it has closed a non-brokered private placement offering of 14,857,141 units (each a “Unit”) for gross proceeds of $550,000. 2,000,000 Units were sold at $0.05 per Unit and 12,857,141 Units were sold at $0.035. Each Unit consists of one common share of the Company and one-half of one transferable common share purchase warrant (each whole being a “Warrant”). Each Warrant is exercisable into one common share in the capital of the Company for a period of 36 months from the date of issue, at an exercise price of $0.20 per common share.
All private placement securities will be restricted from trading for a period of four months from closing. Cash finder’s fees were paid on a portion of the closing to a registered dealer.
Certain insiders of the Company subscribed for an aggregate of 426,000 units in the private placement. Participation of insiders of the Company in the private placement constitutes a related-party transaction as defined under Multilateral Instrument 61-101. Because the Company’s shares trade only on the TSXV, the issuance of securities is exempt from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(b) of MI 61-101 and exempt from the minority approval requirements of Section 5.6 of MI 61-101 pursuant to Subsection 5.7(a) of MI 61-101.
The proceeds of the financing will be used for working capital purposes and new project evaluations.
About QX Metals
QX Metals Corp. is a discovery-focused mineral exploration company that strives to make high-reward discoveries in regions with proven mineral wealth. We leverage our proven technical skills and extensive corporate network to de-risk our exploration process, increase our probability of success and enhance shareholder value. The company is focused on precious and base metal projects located in top-tier mineral districts that contain significant historical production, existing mining infrastructure and an established mining culture.
President and CEO, QX Metals Corp.
For further information regarding QX Metals, please visit our website at www.qxmetals.ca
Cautionary Note Regarding Forward-Looking Statements
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