Quebec Precious Metals Announces First Closing of a Private Placement

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MONTREAL, QC / ACCESSWIRE / May 31, 2024 / Quebec Precious Metals Corporation (TSXV:QPM)(FSE:YXEP)(OTCQB:CJCFF) ("QPM" or the "Corporation") is pleased to announce the closing of the first tranche of a non-brokered private placement offering (the "Placement"), for an amount of
$185,000. The Placement consists of 3,700,000 units ("Hard Units") of the Corporation at a price of $0.05 per Hard Unit. Each Hard Unit issued is comprised of one common share and one transferable common share purchase warrant of the Corporation (a "Warrant"). Each Warrant gives the holder thereof the right to purchase one common share during the 36 months following the closing date of the Private Placement at an exercise price of $0.10.

"We thank our existing and new shareholders for supporting us to fund the further exploration of our lithium and gold projects in the James Bay region as well as the continued social acceptability initiatives at our rare earths project near Kipawa, Quebec. This financing is deliberately small to minimize dilution to our shareholders, while continuing exploration." commented Normand Champigny, CEO of QPM.

The net proceeds from the sale of the Placement will be used for general corporate and working capital purposes and for exploration expenditures on the Corporation's projects located in the Province of Québec.

The Hard Units are subject to a four-month "hold period" commencing on the closing date pursuant to National Instrument 45-102 - Resale of Securities and, in Québec, Regulation
45-102 respecting Resale of Securities, and the certificates or DRS advices representing such securities bear a legend to that effect. The Placement remains subject to the final approval of the TSX Venture Exchange (the "Exchange").

In connection with the Offering, the Corporation paid in respect of certain subscriptions a finders'

fee or commission of $ 1,750 in compliance with section 1.14 of Policy 4.1 as well as Policy 5.1 of the Exchange. In addition, the finders received 35,000 non-transferable compensation warrants, with each such warrant being exercisable at a price of $0.10 per common share of the Company for a period of 36 months from the closing of the Placement.

Flow-through financing

The Corporation also announces a non-brokered private placement of up to 3,000,000 flow-through units ("FT Units") of the Corporation at a price of $0.088 per FT Unit. Each FT Unit issued is comprised of one flow-through share and one transferable common share purchase warrant of the Corporation (a "Warrant"). Each Warrant gives the holder thereof the right to purchase one common share during the 36 months following the closing date of the Private Placement at an exercise price of $0.10. The FT Units are issued in the context of a structured flow-through share arrangement.