QPM closes first tranche private placement of $2,634,399
Summary
The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements available under MI 61-101. Additionally, the Company is exempt from minority shareholder approval requirement in section 5.6 of MI 61-101 in reliance on section 5.7(a) of MI 61-101 as the fair market value of the transaction, insofar as it involves these insiders, is not more than the 25% of the Companys market capitalization.Finders fees totalling $94,855.99 have been paid to third parties dealing at arms length with QPM.In addition, the finders received 431,164 non-transferable compensation warrants, with each such warrant being exercisable at a price of $0.30 per common share of the Company for a period of 24 months from the closing of the Placement.The Common Shares are subject to a four-month hold period commencing on the closing date pursuant to National Instrument 45-102 Resale of Securities and Regulation 45-102 respecting Resale of Securities (Qu\xe9bec) and the certificates or DRS advices representing such securities will bear a legend to that effect.The net proceeds from the sale of the Common Shares will be used for exploration expenditures as well as for general corporate and working capital purposes. The Placement is subject to the acceptance of the TSX Venture Exchange.The Company announces that it intends to increase the size of the Placement for aggregate gross proceeds of $3,000,000, and to complete a second tranche of the Placement in the near future.Through its CDPQ Sod\xe9mex mining portfolio, la Caisse de d\xe9p\xf4t et placement du Qu\xe9bec contributes to the development of Qu\xe9becs mining industry by acquiring interests in junior mining companies and mining producers active in Qu\xe9bec.SIDEX is an initiative of the Qu\xe9bec government and the Fonds de solidarit\xe9 FTQ whose mission is to invest in companies engaged in mineral exploration in Qu\xe9bec in order to diversify the provinces mineral base, promote innovation and new entrepreneurs.Nearly 45 years strong, Desjardins Capital, CRCDs manager, has a mission to value, support and nurture the best of Quebec entrepreneurship. With assets under management of C$2.6 billion as of December 31th, 2020, Desjardins Capital helps contribute to the longevity of some 550 companies, cooperatives and funds in various sectors from across Quebec. QPMs goal is to rapidly explore the project to advance it to the mineral resource estimate stage.For more information please contact:Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.