VANCOUVER, B.C., Feb. 22, 2021 /CNW/ -- QMC Quantum
Minerals Corp., (TSX.V: QMC) (FSE: 3LQ) (OTC PINK:
QMCQF) ("QMC" or "the Company"), further to its
February 12, 2021 news release, the
Company has received conditional approval from the TSX Venture
Exchange for its a non-brokered private placement for
$2.1 million. The private placement
will consist of issuing 7.5-million units at $0.28 per unit, where each unit will consist of
one common share and one common share purchase warrant exercisable
at $0.37 per warrant for a period of
24 months. In the event that the closing price of the Company's
shares as quoted on the TSXV exceeds $0.50 per share for ten consecutive trading days,
the Company may accelerate the expiry date of the warrants by
giving notice to the holders, within five days of such event,
thereof, and in such case, the warrants will expire on the
30th day after the date on which such notice is given by
the Company.
Balraj Mann states: "We are now
seeing the rapid transition to electric vehicles. Just last
week, Land Rover Jaguar announced its Jaguar brand vehicles will be
all-electric by 2025 joining the list of manufactures who have
determined this is the future. QMC has the potential to supply not
only lithium, but nickel, copper, gold and various rare-earth
metals to the markets. We are in close proximity to the new
EV car plants of southern Ontario
(Fiat-Chrysler, Ford, GM), Michigan (GM, Rivian) and Ohio (Lordstown,), as well as the
battery-manufacturers: Samsung SDI with a plant in Michigan and LG Energy Solution with plants in
both Michigan and Ohio. QMC can and will be an important
part of the supply chain."
All securities issued pursuant to this private placement will be
subject to a four-month hold. The private placement is subject to
final acceptance by the TSX Venture Exchange.
Finders' fees may be paid by the company in conjunction with the
completion of the private placement in accordance with TSX Venture
Exchange policies.
The Company reserves the right to accept, reject or partially
fill any subscriptions received up to the aggregate amount
permitted by the TSX-V.
Certain insiders are expected to participate in the private
placement. The participation of such directors and officers
in the offering will constitute a related party transaction for the
purposes of Multilateral Instrument 61-101 (Protection of Minority
Security Holders in Special Transactions). The company will
be exempt from the requirements to obtain a formal valuation or
minority shareholder approval in connection with the offering in
reliance on sections 5.5(a) and 5.7(1)(a) of MI 61-101.
The Company intends to use the net proceeds from the private
placement for working capital, advancing its mineral properties,
and general corporate purposes.
About the Company
QMC is a British Columbia-based
company engaged in the business of acquisition, exploration and
development of resource properties. Its objective is to locate and
develop precious, base and rare metal resource properties of merit.
The Company's properties include the Irgon Lithium Mine Project and
two VMS properties, the Rocky Lake
and Rocky-Namew, known collectively as the Namew Lake District
Project. Currently, all of the company's properties are located in
Manitoba.
On behalf of the Board of Directors of
QMC QUANTUM MINERALS CORP.
"Balraj
Mann"
Balraj Mann
President and Chief Executive Officer
604-601-2018
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
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SOURCE QMC Quantum Minerals Corp.
