Questcorp Mining Inc. (CSE: QQQ) is excited to announce the successful closing of the first tranche of its upsized non-brokered private placement, consisting of 11,100,000 units priced at $0.20 each, for total gross proceeds of $2,220,000. This offering includes a unique structure where each unit comprises one common share and half of a common share purchase warrant. Each whole warrant grants holders the right to purchase an additional common share at $0.30, valid until February 24, 2029. However, these warrants cannot be exercised until 60 days post-closing of this tranche.
The funds raised from this offering will be directed towards exploration efforts at Questcorp's La Union Gold and Silver Project as well as the North Island Copper Project, along with general working capital needs.
The units were made available under the listed issuer financing exemption outlined in National Instrument 45-106, applicable in all Canadian provinces except Quebec and select jurisdictions, including the United States. Notably, the securities issued under this exemption are immediately free-trading as per Canadian securities laws.
Upon closing, the Company compensated certain finders with a total of $16,300, along with 580,000 units at a deemed price of $0.20 per unit, and 661,500 common share purchase warrants. Each finder's warrant allows the holder to acquire a common share at $0.30 until February 24, 2029, also subject to a 60-day exercise restriction following the closing.
Importantly, this press release does not constitute an offer to sell or solicit an offer to buy these securities in the U.S. or any jurisdiction where such actions would be illegal prior to proper qualification or registration. The securities offered have not been registered under the U.S. Securities Act of 1933 and cannot be offered or sold to U.S. persons without appropriate registration or exemptions.
Questcorp Mining Inc. focuses on acquiring and exploring mineral properties across North America, aiming to develop valuable precious and base metals properties. The Company holds an option for a 100% interest in the North Island Copper Property, covering 1,168.09 hectares in British Columbia, and another option for a 100% interest in the La Union Project, spanning 2,520.2 hectares in Mexico, both subject to royalty obligations.
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