/NOT FOR DISTRIBUTION TO UNITED
STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES./
TORONTO, Nov. 30, 2020 /CNW/ - QC Copper and Gold
Inc. ("QC Copper" or the "Company") (TSXV: QCCU), is
pleased to announce that it has closed its previously announced
non-brokered private placement for aggregate proceeds of
$5,000,260 (the "Offering"). Upon
closing of the offering, the Company issued:
- 22,667,066 Units ("Hard Dollar Units") at a price of
$0.15 per unit for gross proceeds of
$3,400,059.95, where each Hard Dollar
Unit consists of one common share and one half of one common share
purchase warrant. Each whole warrant will entitle the holder to
purchase one additional common share of the Company at a price of
$0.20 for a period of 24 months from
the date of issuance.
- 8,890,001 Flow-Through Units ("FT Units") at a price of
$0.18 per unit for gross proceeds of
$1,600,200.16, where each FT Unit
consists of one flow through common share and one half of one
common share purchase warrant. Each whole warrant will entitle the
holder to purchase one additional common share of the Company at a
price of $0.22 for a period of 24
months from the date of issuance.
The Company intends to use the net proceeds from the sale of
Units towards its exploration and development work on the Opemiska
Copper Project in Chapais, Quebec,
and for general corporate and working capital purposes. The Company
intends to use the net proceeds from the sale of FT Units towards
its exploration work on the Opemiska Copper Project in Chapais, Quebec.
The Common Shares and Warrants underlying the Hard Dollar Units
and the FT Common Shares and FT Warrants underlying the FT Units
issued under the Offering will have a hold period of four months
and one day closing of the Offering.
In consideration for introducing certain subscribers to the
Offering, the Company has paid certain arm's length finders an
aggregate of 1,837,266 Hard Dollar Units.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in
the United States. The securities
have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities
Act") or any state securities laws and may not be offered or
sold within the United States or
to, or for the account or benefit of, U.S. Persons unless
registered under the U.S. Securities Act and applicable state
securities laws, unless an exemption from such registration is
available.
About the Opemiska Copper Complex
The Opemiska Copper Complex is located adjacent to Chapais,
Quebec, within
the Chibougamau region. 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, owned and
operated by Falconbridge. The project has the ideal in-place
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 @qccopper
Forward Looking Statements
Neither 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. Certain information in this press release
may contain forward-looking statements. This information is based
on current expectations that are 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. assumes 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 filings by QC
Copper and Gold Inc. with Canadian securities regulators, which
filings are available under QC Copper and Gold Inc. profile
at www.sedar.com.
SOURCE QC Copper & Gold Inc.