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Q2 Metals Completes $10.25 Million Private Placement Financing
Vancouver, British Columbia--(Newsfile Corp. - February 23, 2023) - Q2 Metals Corp. (TSXV: QTWO)...
About this update from Q2 Metals Corp
[{"type":"text","content":"Q2 Metals Completes $10.25 Million Private Placement FinancingVancouver, British Columbia--(Newsfile Corp. - February 23, 2023) - Q2 Metals Corp. (TSXV: QTWO) (OTCQB: QUEXF) (FSE: 458) (\"Q2\" or the \"Company\") is pleased to announce that it has completed its previously announced private placement financing for aggregate proceeds to the Company of $10,250,000 CDN, consisting of 12,908,333 units (the \"Offering\") as follows: 6,250,000 units of the Company at a price of $1.04 per unit (the \"Series C Units\"). Each Series C Unit consisted of one flow-through common share of the Company (a \"FT Share\"), and one common share purchase warrant, entitling the holder to acquire one additional non-flow-through common share (a \"Share\") at a price of $1.25 per Share for a period of two years (a \"Warrant\");1,350,000 units of the Company at a price of $0.75 per unit (the \"Series R Units\"). Each Series R Unit consisted of one FT Share and one Warrant; 4,975,000 units of the Company at a price of $0.50 per unit (the \"NFT Units\"). Each NFT Unit consisted of one non-flow-through Share and one Warrant; and 333,333 units of the Company at a price of $0.75 per unit (the \"Additional Units\"). Each Additional Unit consisted of one non-flow-through Share and one Warrant.\"The closing of this private placement is a major milestone for the Company that will enable us to complete a robust 2023 field exploration program that is expected to commence this spring with our inaugural drilling campaign planned for launch this summer,\" said Q2 President and CEO, Alicia Milne. \"Our balance sheet stands at well over $11 million and with significant in-the-money warrants and options, we are well-capitalized for the foreseeable future. Members of the team will be attending PDAC in Toronto and look forward to meeting existing and prospective shareholders in person.\"Gross proceeds from the sale of the FT Shares will be used in 2023 to incur \"Canadian exploration expenses\" that qualify as \"flow-through critical mineral mining expenditures\" as defined in the Income Tax Act (Canada) (the \"Tax Act\"), on the Company's Mia Lithium Property in Québec. Where applicable, gross proceeds from the sale of the FT Shares from purchasers in Québec will also qualify as \"Canadian exploration expense\" and qualify for inclusion in the \"exploration base...