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(All figures in Canadian dollars unless otherwise stated)
TORONTO, Dec. 27, 2024 (GLOBE NEWSWIRE) --
Q-Gold Resources Ltd (TSXV: QGR, OTC: QGLDF, FRA: QX9G) (“Q-Gold” or the “Company”) is pleased to announce that it has closed a final tranche of previously announced non-brokered flow-through and non-flow through private placement (the “Offering”) for gross proceeds of C$357,999.88 (the “Final Tranche”). Under the Final Tranche, the Company issued (a) 1,925,000 flow-through units at $0.16 per unit (the “FT Units”), each FT Unit consisting of one flow-through common share (the “FT Shares”) and one-half of a warrant, each whole warrant exercisable at $0.20 per share for 24 months (the “FT Warrants”) and (b) 357,142 non-flow through units at $0.14 per unit (the “Non-FT Units”), each Non-FT Unit consisting of one non-flow-through common shares (the “Non-FT Shares”) and one-half of a warrant, each whole warrant exercisable at $0.20 per shares for 24 months (the “Non-FT Warrants”). The Company received gross proceeds of $861,046.16 under the oversubscribed Offering across all tranches.
The proceeds from the Final Tranche from the FT Units, being $308,000, will be used for exploration and development of the Company's mineral property interests in the Mine Centre region, and the proceed from the Non-FT Units, being $49,999.88, will be used for general working capital purposes. The gross proceeds from the issuance of all FT Units will be used to incur Canadian Exploration Expenses ("CEE"), and will qualify as "flow-through mining expenditures" under the Income Tax Act (Canada), which will be renounced to the purchasers of FT Units with an effective date no later than December 31, 2024 in an aggregate amount no less than the proceeds raised from the issue of the FT Units.
In connection with the Final Tranche, the Company paid finder’s fees of $39,000 and issued 150,000 finder’s warrants (each, a “Finder’s Warrant”). Each Finder’s Warrant is exercisable at $0.16 into one Non-FT Share until December 27, 2026.
About Q-Gold Resources Ltd.
Q-Gold Resources (TSXV: QGR, OTC: QGLDF, FRA: QX9G) is a publicly traded Canada-based mineral exploration company targeting high-grade gold and silver discoveries in multiple jurisdictions. Q-Gold is currently exploring for gold at the past-producing Foley Gold Mine in Mine Centre, Ontario.
For further information, contact:
Dr. Andreas Rompel
Chief Executive Officer
Andy.rompel@qgoldresources.com