QcX Gold Announce Closing of Private Placement

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[{"type":"text","content":"QcX Gold Announce Closing of Private PlacementMontreal, Quebec--(Newsfile Corp. - August 29, 2023) - QcX Gold Corp. (TSXV: QCX) (OTCQB: QCXGF) (FSE: 21MA) (\"QcX\" or the \"Company\") is pleased to announce that, further to its press release of August 8, 2023, it has closed a non-brokered private placement through the issuance of 3,600,000 units (each, a \"Unit\") in the capital of the Company at a price of $0.05 per Unit and 6,200,000 flow-through units (each, a \"FT Unit\") at a price of $0.05 per FT Unit, for aggregate gross proceeds of $490,000 (the \"Offering\"). Each Unit is comprised of one common share (each, a \"Common Share\") in the capital of the Company and one Common Share purchase warrant (each, a \"Warrant\"). Each Warrant entitles the holder thereof to purchase one Common Share at a price of $0.10 for a period of twenty-four (24) months from the date of issuance. Each FT Unit is comprised of one common share in the capital of the Company, issued on a \"flow-through\" basis (each, a \"FT Share\") and one-half of one whole Warrant. The FT Shares will qualify as \"flow-through shares\" within the meaning of subsection 66(15) of the Income Tax Act (Canada). All securities issued pursuant to the Offering will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation. The gross proceeds from the sale of the FT Units will be used by the Company to incur eligible \"Canadian exploration expenses\" that will qualify as \"flow-through expenditures\" as such terms are defined in the Income Tax Act (Canada). The gross proceeds from the Units will be used for general working capital purposes. In connection with the closing of the Offering, the Company paid certain eligible finders (each, a \"Finder\") cash commissions in the aggregate of $33,600, of which $26,600 was paid through the issuance of 532,000 Units and issued the Finders an aggregate of 532,000 non-transferrable broker warrants (each, a \"Broker Warrant\"). Each Broker Warrant entitles the holder thereof to purchase one Unit at a price of $0.05 at any time for a term of two (2) years following the date of issuance. Pursuant to the Offering, Generic Capital Corporation (\"Generic\") received 2,600,000 Units. Prior to the completion of the Offering, Generic held 10,427,500 Common Shares, ...

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