Business
First Mexican Gold Corp. Announces Corporate Update and Reinstatement of Trading
Vancouver, British Columbia--(Newsfile Corp. - October 10, 2019) - First Mexican Gold Corp. (T...
About this update from Qcx Gold Corp
[{"type":"text","content":"First Mexican Gold Corp. Announces Corporate Update and Reinstatement of TradingVancouver, British Columbia--(Newsfile Corp. - October 10, 2019) - First Mexican Gold Corp. (TSXV: FMG) (the \"Company\" or \"FMG\"), would like to report on a number of developments that have occurred and presently underway as outlined below. Share CancellationFurther to the Company's press release of February 13, 2019, FMG reported that it had issued nine (9) million shares without obtaining prior TSX Venture Exchange (the \"TSXV\" or the \"Exchange\") approval. Further to the press release these shares were held in trust by the Company with its solicitor. The Company is pleased to report that it has cancelled these shares on August 7, 2019 as requested by the TSXV. Further to the same press release, the Company had issued one (1) million shares as payment to arrange a credit facility but did not obtain TSXV approval as is required by TSXV policy. Subsequent to a request made by the TSXV with respect to the issuance of the shares, the Company made a filing with the Exchange in an attempt to seek the necessary approval for the issuance of the shares. The TSXV deemed the issuance unacceptable and requested that the shares be paid back to the Company. As the shares were unable to be recovered by the Company, the TSXV had required that the directors and/or officers make the Company whole. The directors and/or officers have made the Company whole by cancelling 927,929 (pre-consolidation shares) on October 3, 2019 and paid the difference on 72,071 shares (totaling $3,603.55) on October 9, 2019.ConsolidationFurther to its press release of August 27, 2019, the Company is pleased to announce that it has completed a consolidation of its common shares (\"Common Shares\") on a ten (10) for one (1) basis (the \"Consolidation\") on September 20, 2019. The Consolidation reduced the number of outstanding Common Shares from 81,844,360 to 8,184,429.Private PlacementOn August 27, 2019, the Company announced its intention of completing a private placement offering, on a post-Consolidation basis, of up to 6,666,666 Common Shares at a price of $0.075 per Common Share, for gross proceeds of up to $500,000 (the \"Offering\"). The Company has been notified by the TSXV that it will be unable to complete the Offering until the Company shares are reinstated for trading. As su...