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QC Copper and Gold closes previously upsized non-brokered private placement for aggregate proceeds of $5,000,260

The firm said it 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

QC Copper and Gold Inc. -
The Opemiska property covers 12,782 hectares and covers the past producing Springer, Perry, Robitaille and Cooke mines, owned and operated by Falconbridge

QC Copper and Gold Inc. (CVE:QCCU) said it has closed its previously announced and upsized non-brokered private placement for aggregate proceeds of $5,000,260.

Upon closing of the offering, the company issued: 22,667,066 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.

The group also issued 8,890,001 Flow-Through Units at a price of $0.18 per unit for gross proceeds of $1,600,200.16, where each Flow-Through 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.

READ: QC Copper and Gold upsizes placing to raise up to C$5M to advance Opemiska project

QC Copper & Gold said it 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 units and warrants 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.

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.

Contact the author at jon.hopkins@proactiveinvestors.com

Quick facts: QC Copper and Gold Inc.

Price: 0.22 CAD

TSX-V:QCCU
Market: TSX-V
Market Cap: $22.93 m
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