Q-Gold announces non-brokered private placement
July 31 2012 - 6:15AM
PR Newswire (Canada)
VANCOUVER, Aug. 2, 2012 /CNW/ - Q-Gold Resources Ltd. (the
"Company") (http://www.qgoldresources.com) is pleased to announce
that it intends to complete a non-brokered private placement for
aggregate gross proceeds of up to $1,120,000 (the "Offering"). The
Offering will consist of: (1) 4,000,000 Flow-through Units
("Flow-Through Units") at a price of $0.16 per Flow-Through Unit,
for gross proceeds of up to $640,000; and (2) 4,000,000
Non-Flow-through Units ("Units") at a price of $0.12 per Unit, for
gross proceeds of up to $480,000. Each Flow-Through Unit will
consist of one common share issued on a "flow-through" basis and
one common share purchase warrant (the "Flow-Through Warrant"),
entitling the holder to acquire one additional common share at an
exercise price of $0.20 for a period of 24 months from issuance.
Each Unit will consist of one common share and one common share
purchase warrant (the "Warrant"), entitling the holder to acquire
one additional common share at an exercise price of $0.16 for a
period of 24 months from issuance. All securities issued in
connection with the Offering will be subject to a four month
restriction from resale as stipulated under applicable securities
legislation and the TSX Venture Exchange (the "Exchange"). A
finder's fee may be payable in relation to the proposed private
placement in line with the policies of the Exchange. The Offering
is subject to Exchange approval. Proceeds from the "flow-through"
portion of the Offering will be used by Q-Gold for continued
exploration in the Company's historic (19(th) Century) gold and
silver camps at Mine Centre, Ontario, and all non "flow-through"
proceeds of the Offering will be used towards continued exploration
of Q-Gold's Crown King, Arizona property and for general corporate
purposes. About Q-Gold Resources Ltd. Q-Gold is a Canadian-based
mineral exploration company currently exploring for precious and
base metals on its Ontario and Arizona properties. 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. Q-Gold
Resources Ltd. CONTACT: J. Bruce Carruthers II, Chairman at
1-888-779-0166or info@qgoldresources.com,Website:
http://www.qgoldresources.com
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