Business
Q-Gold announces closing of private placement financing with MineralFields Group and other subscribers
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF ...
About this update from Q-gold Resources Ltd
[{"type":"text","content":"\n\n\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n THE UNITED STATES OF AMERICA/\n\n\nVANCOUVER, Aug. 25, 2011 /CNW/ - Q-Gold Resources Ltd. (the \"Company\")\n (TSXV: QGR) (http://www.qgoldresources.com) is pleased to announce that further to its news release dated August\n 19, 2011, it has completed a non-brokered private placement of\n 6,300,000 flowthrough units (\"FT Units\") at a price of $0.10 per FT\n Unit for gross proceeds of $630,000 with the MineralFields Group.\n\n\nConcurrently, the Company completed a non-brokered private placement of\n 900,000 non-flow-through units (\"NFT Units\") at a price of $0.09 per\n NFT Unit and 150,000 FT Units at a price of $0.10 per FT Unit for\n aggregate gross proceeds of $96,000.\n\n\nEach FT Unit consists of one common share issued on a \"flow-through\"\n basis under the Income Tax Act (Canada) and one-half of one common share purchase warrant (\"Warrant\")\n of the Company. Each whole Warrant will entitle the holder to acquire\n one common share of the Company at a price of $0.14 per common share\n until August 25, 2013.\n\n\nEach NFT Unit consists of one common share and one-half of one common\n share purchase Warrant of the Company.\n\n\nThe Company issued to a finder under the private placement a total of\n 630,000 finder's options to purchase up to 630,000 NFT Units at a price\n of $0.10 per NFT Unit for a period of two years. In addition, the\n Company paid a cash commission to Limited Market Dealer Inc. in the\n amount of$31,500.\n\n\nThe common shares and warrants issued pursuant to the private placement\n and any common shares issued on exercise of the warrants are subject to\n four-month resale restriction that expires on December 26, 2011.\n\n\n\"We are very pleased to be renewing our relationship with MineralFields\n Group\", said Robert Gardner, President of the Company. \"This is an\n important milestone in the growth of the Company and we look forward to\n working with MineralFields Group as we develop our holdings in Ontario\n and Arizona.\"\n\n\nThe proceeds raised will be used for continued gold and silver\n exploration on the Issuer's properties at Mine Centre, Ontario and\n Crown King, Arizona and for general corporate purposes.\n\n\nAbout Q-Gold Resources Ltd.\nQ-Gold is a Canadian-based mineral exploration company currently\n...