Quia Provides Project and Corporate Update
02 April 2014 - 11:30PM
Marketwired
Quia Provides Project and Corporate Update
TORONTO, ONTARIO--(Marketwired - Apr 2, 2014) - Quia Resources
Inc. ("Quia" or the "Company") (TSX-VENTURE:QIA) is pleased to
provide an update with respect to its Murdock Mountain direct
application phosphate project and other corporate developments.
The Company has been focused on defining the permitting path
forward to enable the company to complete a planned drill program
in the fall of this year with the aim of defining a resource
sufficient to allow the company to further develop its conceptual
production plan commencing at a rate of 50,000 tons per year.
The company met with the Bureau of Land Management in Elko,
Nevada in December of last year, to discuss the timing and
deliverables necessary for the Company to submit to the BLM to
enable the Company to carry out its planned drill program during
the third and fourth quarter of this year. The Company has also
retained the services of consultants specialized in permitting in
Nevada and with a local office in Elko. The Company plans to carry
out and submit the necessary environmental studies during the late
spring and summer and subject to approval by the BLM, to have the
required permits in place to conduct its planned exploration
program.
At the same time, the Company has been active in talking with
potential customers, distributors and partners to begin the process
of developing customer and distribution relationships with a view
to ultimately securing agreements for the Company's planned output
of direct application phosphate. The Company is also engaging in
discussions regarding third party testing and validation of the
agronomic effectiveness of the Company's phosphate. Such third
party testing will be conducted in parallel with the permitting
process over the next 6 months so the Company will be able to
present robust third party data to potential customers well in
advance of the conceptual production start-up date which is
forecast for the fourth quarter of 2015.
Yannis Banks, Quia's CEO, commented: "We've had a number of
encouraging discussions with potential customers and distributors
and we believe there is a healthy demand for a reliable source of
high quality direct application phosphate. While this market is a
niche market in the context of the overall agricultural market,
primarily within organic and biodynamic farming circles, our
research indicates that this market is growing significantly."
The Company is also continuing to evaluate other opportunities
that are synergistic with its current portfolio and strategic
direction.
The Company is revising the terms of its previously announced
financing. The Company is pleased to announce that it will offer up
to $750,000 of secured convertible debentures ("Debentures"),
paying an annual interest rate of 14% payable semi-annually in
common shares ("Shares") of the Company at an effective price of
$0.10 per Share, convertible at any time into Shares prior to
maturity at a price of $0.10 per Share. Subscribers will also
receive 6,667 warrants "Warrants", for every $1,000 of Debentures.
Each Warrant will be exercisable into Shares at $0.15 per Share,
for a period of 3 years from the closing date ("Closing date"). The
Debentures will mature 3 years from the Closing date.
The Company also reports that Mr. Daniel Noone has resigned from
the board due to other commitments. Mr. Noone will remain an
advisor with the Company. The Company wishes to sincerely thank Mr.
Noone for his service to the Company and wishes him well in his
future endeavours.
About Quia Resources Inc.
Quia Resources is a mineral exploration and development company
which owns 100% of the San Lucas gold project in Colombia and has
an option to earn 65% of the Murdock Mountain direct application
phosphate project in Nevada.
Forward-Looking Statements
This press release contains or refers to forward-looking
information, including statements regarding completion of the
acquisition of 2243734, completion of the consolidation at Quia's
upcoming meeting, exploration results, potential mineralization,
exploration plans and timing of the commencement of drilling, and
is based on current expectations that involve a number of business
risks and uncertainties. Factors that could cause actual results to
differ materially from any forward-looking statement include, but
are not limited to, delays in obtaining or failures to obtain
required governmental, environmental or other project approvals,
failure to receive shareholder approval of the consolidation,
failure to receive TSXV approval of the acquisition of 2243734,
political risks, uncertainties relating to the availability and
costs of financing needed in the future, changes in equity markets,
inflation, changes in exchange rates, fluctuations in commodity
prices, delays in the development of projects and the other risks
involved in the mineral exploration and development industry.
Forward-looking statements are subject to significant risks and
uncertainties, and other factors that could cause actual results to
differ materially from expected results. Readers should not place
undue reliance on forward-looking statements. These forward-looking
statements are made as of the date hereof and the Company assumes
no responsibility to update them or revise them to reflect new
events or circumstances other than as required by law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Quia Resources Inc.Yannis BanksChief Executive Officer(416)
777-6169ybanks@foundationmarkets.com
Quia Resources Inc. (TSXV:QIA)
Historical Stock Chart
From Aug 2024 to Sep 2024
Quia Resources Inc. (TSXV:QIA)
Historical Stock Chart
From Sep 2023 to Sep 2024