Do I have this right? They are ding a 10 cent pp flow thrus with 10 cent warrant?
Mr. J. Bruce Carruthers reports
Q-GOLD ANNOUNCES PRIVATE PLACEMENT FINANCING AND CHANGES TO THE BOARD OF DIRECTORS
Q-Gold Resources Ltd. intends to complete a non-brokered private placement for aggregate gross proceeds of up to $720,000.
The offering will consist of:
- Five million flow-through units for aggregate gross proceeds of up to $400,000;
- Four million non-flow-through units of the corporation for aggregate gross proceeds of up to $320,000.
Each flow-through unit will consist of one common share issued on a flow-through basis and one common share purchase warrant, entitling the holder to acquire one additional common share issued on a flow-through basis at an exercise price of 10 cents for a period of 24 months from issuance.
Each non-flow-through unit will consist of one common share and one common share purchase warrant, entitling the holder to acquire one additional common share at an exercise price 10 cents for a period of 24 months from issuance.
All securities issued in connection with the offering will be subject to a four-month restriction from resale as stipulated under applicable securities legislation and the TSX Venture Exchange.
Closing of the offering is subject to all regulatory approvals, including those of the exchange.
Proceeds from the offering will be used by Q-Gold for continued gold exploration in the company's historic (19th century) gold camps at Mine Centre, Ont., and Crown King, Ariz., and for general corporate purposes.
The company also announced the resignation of Dr. Wayne Young from its board of directors and the election of Robert Gardner to the board, effective immediately.
DD
FH