Quebec Precious Metals to Issue Shares in Payment of Debts and Deferred Share Units
Summary
The Debt Settlement is paid in connection with services rendered by the current directors during the fourth quarter of the financial year ending January 31, 2024 and the first quarter of the financial year ending January 31, 2025.The Board of Directors and Management of QPM believe that the Debt Settlement is in the best interests of QPM as it will help the Corporation preserve its cash position. The common shares to be issued pursuant to the Debt Settlement will be issued at a deemed price of $0.085 per share and will be subject to a four-month hold period pursuant to applicable securities regulations and the policies of the TSX Venture Exchange (the "TSXV").The Debt Settlement is considered a "related party transaction" as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Debt Settlement will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as QPMs securities are not listed on any stock exchange identified in Section 5.5(b) of MI 61-101 and neither the fair market value of the common shares to be issued in the Debt Settlement nor of the services provided in connection with the debts which are the subject of the Debt Settlement exceeds 25% of QPMs market capitalization.The Debt Settlement is subject to regulatory approval, including that of the TSXV.The Company announces the issuance of 223,530 deferred stock units (the "DSUs") to the Chief Executive Officer pursuant to its Deferred Share Unit Plan (the "DSU Plan"). In accordance with the DSU Plan, the DSUs shall vest in accordance with the terms of agreements granting same and one year from the date of such grant, subject to the provisions of TSXV Policy 4.4 and the Companys security based compensation plan, and are payable in common shares of the Company, or in cash at the sole discretion of the Company, upon the holder ceasing to be an employee of the Company.QPM is an exploration company with a large land position in the highly prospective Eeyou Istchee James Bay territory, Quebec, near Newmont Corporations \xc9l\xe9onore gold mine. In addition, the Company holds a 68% interest in the Kipawa/Zeus rare earths project located near Temiscaming, Quebec.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.