TORONTO, Oct. 6, 2021 /CNW/ - QC Copper and Gold Inc.
("QC Copper" or the "Company") (TSXV: QCCU) is
pleased to announce it intends to enter into agreements to sell
7,142,856 common shares of Baselode Energy ("Baselode") to
arms-length parties. On completion of the sale, QC Copper will
retain 10,714,287 shares in Baselode which the Company will
continue to hold for investment purposes. The Company has no
intention of selling its remaining investment in Baselode at this
time.
"Based on the recent success of Baselode Energy and strong
investor demand for its shares, we received numerous offers to
privately purchase our Baselode position. We remain significant
investors in Baselode, and are focused on ensuring that its shares
are placed in the right hands. We see this transaction as an very
attractive opportunity to place some of our Baselode shares in the
hands of highly-reputable, institutional investors while
adding a substantive non-dilutive cash injection into QC Copper.
This significant and ongoing investment reflects our tremendous
support for CEO, James Sykes and the
rapidly evolving Baselode story," said QC Copper CEO
Stephen Stewart commented.
The proceeds of the sale will be primarily used to fund
exploration activities at QC Copper's Opemiska project and general
working capital purposes.
Early Warning Disclosure
The Company will be filing a Form 45-102F1 – Notice of
Intention to Distribute Securities under Section 2.8 of NI 45-102 –
Resale of Securities (the "Sales Notice") and an early
warning report (the "Early Warning Report") regarding the
sale of the shares on SEDAR. As of the date of this news release,
prior to the sale, the Company beneficially owned, controlled or
directed 17,857,143 shares of Baselode, presenting approximately
23.28% of the outstanding shares. Following the sale, the Company
will beneficially own, control or direct 10,714,287 shares,
representing approximately 13.97% of the outstanding shares. A copy
of the Sales Notice and Early Warning Report with additional
information in respect of the foregoing matters will be available
on www.sedar.com.
About the Opemiska Copper Complex
The Opemiska Copper Complex is located adjacent to Chapais, Quebec, within the Chibougamau district. Opemiska is also within
the Abitibi Greenstone belt and within the boundaries of the
Province of Quebec's Plan Nord,
which promotes and funds infrastructure and development of natural
resource projects. The Opemiska property covers 12,782 hectares and
covers the past producing Springer, Perry, Robitaille and Cooke
mines, previously-owned and operated by Falconbridge between 1953-1991. The project
hosts excellent on-site infrastructure, including a power station
and direct access to Highway 113 and the Canadian National
Railway.
For information and updates on QC Copper and Gold, please
visit: www.qccopper.com
And please follow us on Twitter @qccoppergold
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the TSX Venture Exchange
policies) accept responsibility for this release's adequacy or
accuracy. Certain information in this press release may contain
forward-looking statements. This information is based on current
expectations subject to significant risks and uncertainties that
are difficult to predict. Actual results might differ materially
from results suggested in any forward-looking statements. QC Copper
and Gold Inc. assume no obligation to update the forward-looking
statements or to update the reasons why actual results could differ
from those reflected in the forward looking-statements unless and
until required by securities laws applicable to QC Copper and Gold
Inc. Additional information identifying risks and uncertainties is
contained in QC Copper and Gold Inc. filings with Canadian
securities regulators, which filings are available under QC Copper
and Gold Inc. profile at www.sedar.com.
SOURCE QC Copper & Gold Inc.