Quinsam Capital Corp. Completes $2,424,499.95 Non-Brokered Private Placement
Toronto, Ontario, October 13, 2017 – Quinsam Capital Corp. (“Quinsam”) (CSE:QCA) is pleased to announce that it has closed a non-brokered private placement of 16,163,326 units (“Units”) at a price of CAN$0.15 per Unit, for gross proceeds of $2,424,499.95 (the “Offering”).
Each Unit consists of one (1) common share in the capital stock of Quinsam (“Common Share”) and one-half (1/2) of one common share purchase warrant (“Warrant”). Each whole Warrant will entitle the holder to purchase one Common Share at a price of CAN$0.30 per Common Share until the date which is twenty-four (24) months following the closing date of the Offering, whereupon the Warrants will expire.
A cash finder’s fee in the aggregate amount of $141,946.50 equal to up 8% of the total proceeds raised by finders pursuant to the Offering was paid and a total of 946,305 finder’s warrants (“Finder Warrant”) were issued as part of finders fees in connection with their involvement in the Offering. Each Finder Warrant will entitle the holder to purchase one Common Share at a price of CAN $0.15 until the date which is twenty-four (24) months following the closing date of the Offering, whereupon the Finder Warrants will expire.
Quinsam intends to use the net proceeds from the Offering to purchase financial interests in cannabis companies and for general working capital purposes.
The securities issued and issuable pursuant to the Offering will be subject to a four month and one day statutory hold period.
About Quinsam Capital Corporation
Quinsam is a merchant bank based in Canada. Our merchant banking business may encompass a range of activities including acquisitions, advisory services, lending activities and portfolio investments. Quinsam invests its capital for its own account in assets, companies or projects which we believe are undervalued and where we see a viable plan for unlocking such value. We do not invest on behalf of any third party and we do not offer investment advice.
Generally, Quinsam does not believe that individual investments are material reportable events. Quinsam chooses to announce certain investments once the company is certain that it has finished buying its position because the Company feels that this information helps Quinsam’s investors understand its investment decision making process. Generally, Quinsam does not announce the sale of investments.
For further information please contact:
John Lewis, Business Development
Eric Szustak, President
Roger Dent, CEO