QMX GOLD ANNOUNCES CLOSING OF OVERSUBSCRIBED BOUGHT DEAL FINANCING FOR $6.4 MILLION IN GROSS PROCEEDS
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES (All figures in Canadian dollars unless otherwise stated)
October 5, 2017 – QMX Gold Corporation (“QMX” or the “Company”) (TSX.V:QMX) has completed its previously announced bought deal private placement financing for total gross proceeds of approximately $6.4 million (the “Offering”). In connection with the financing, the Company issued 9,019,800 units (“Units”) at a price of $0.26 per unit and 13,124,900 flow-through common shares (“Flow-Through Shares”) at a price of $0.31 per flow through common share. Each Unit was comprised of one common share and one-half of a share purchase warrant (each whole warrant, a “Warrant”), with each Warrant exercisable at any time prior to 4:00 p.m. (Toronto time) on October 5, 2019 at a price of $0.35 per Warrant. The Company intends to use these proceeds to continue exploration activities on its Val-d’Or Mining Camp property.
Brad Humphrey, President and CEO of QMX Gold, commented, “With this funding in place, we are in a strong position to continue to build on our recent successes in Val d’Or Quebec.”
Mackie Research Capital Corporation led a syndicate of underwriters, which was comprised of Desjardins Securities Inc., Haywood Securities Inc. and PI Financial Corp (“Underwriters”). In connection with the Offering, the Company paid the Underwriters cash commissions equal to 6% of the gross proceeds of the Offering and issued that number of warrants (“Broker Warrants”) as is equal to 6.0% of the aggregate number of Units and Flow-Through Shares purchased under the Offering.
The shares issued in the financing are subject to a statutory hold period ending four months and -one day from the closing date. The financing remains subject to receipt of final approval of the TSX Venture Exchange.
About QMX Gold Corporation
QMX Gold Corporation is a Canadian based resource company traded on the TSX-V under the symbol “QMX”. The Company was recently restructured and is now systematically exploring its extensive property position in the Val d’Or mining camp in the Abitibi District of Quebec. In addition to its extensive land package, QMX owns the Aurbel gold mill.
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