TORONTO, Oct. 14, 2021 /CNW/ - QC Copper and Gold
Inc. ("QC Copper" or the "Company") (TSXV: QCCU) is
pleased to announce it has sold 7,142,856 common shares of Baselode
Energy ("Baselode") to arms-length parties for gross cash
proceeds of $7,857,141.
"This transaction is a substantive non-dilutive financing for QC
Copper. This $7.85 million capital
injection, when combined with our recently announced (October 6, 2021 news release) $6.9M flow-through financing at $.60 a share, provides QC Copper with a very
strong cash position. We intend to deploy this capital to grow the
Opemiska resource aggressively.
QC Copper remains a significant shareholder and supporter of
Baselode Energy. Accordingly, it was important for QC Copper to
place these Baselode shares in the hands of highly-reputable
institutional investors and within a private off-market transaction
which is now complete," said QC Copper CEO Stephen Stewart.
Baselode continues to own an additional 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.
Early Warning Disclosure
The Company filed 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. Prior to this 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 beneficially owns, 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.