Questcorp Mining Announces Closing of Oversubscribed Private Placement Financing
Summary
The transaction is however exempt from the formal valuation and minority shareholder approval requirements provided under subsections 5.5(a) and 5.7(a) of MI 61-101 on the basis that the fair market value of the Units acquired by the insiders in the Offering did not exceed 25% of the Companys market capitalization.The proceeds of the Offering will be used by the Company to complete the transaction involving the La Union Project, to continue its exploration program at the North Island Copper Property, to retire existing payables and for general working capital purposes. All securities issued in connection with the Offering are subject to a statutory holder period of four-months-and-one-day until July 20, 2025.The Company is relying on the provisions of 4.6(1)(b) of Policy 4 of the Canadian Securities Exchange to complete the Offering as it involves the issuance of more than 100% of the outstanding share capital of the Company. The RSUs shall vest and be settled in common shares of the Company upon receipt of shareholder approval for the Plan. In the event shareholder approval for the Plan is not received by December 31, 2025, the RSUs will be automatically cancelled without any further right or entitlement.Questcorp is engaged in the business of the acquisition and exploration of mineral properties in Canada. Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if managements beliefs, estimates or opinions, or other factors, should change.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/245219