QuestCap Extends Troilus Royalty Payment Due Dates QuestCap Extends Troilus Royalty Payment Due Dates
TORONTO, Jan. 08, 2020 (GLOBE NEWSWIRE) -- QuestCap Inc. (“QuestCap” or the “Company”) (CSE: QSC) is pleased to announce that, in connection with the Company’s previously announced acquisition of a 1.0% net smelter return royalty in respect of minerals removed from the property covered by 81 mineral claims and one surveyed mining lease known as the Troilus Mine, located in Northern Quebec (the “Royalty”), the vendor agreed to extend the dates on which the four equal cash payments of $2.5 million (the “Instalments”) are due by 90 days each. The Instalments now become payable on the dates that fall 180, 270, 360 and 450 days from the execution date of the royalty purchase agreement (the “Agreement”). As consideration for the vendor agreeing to extend the dates on which the Instalments are due, QuestCap agreed to pay $125,000 to the vendor. Please see the Company’s press release dated October 8, 2019 for further information about the Royalty and the Agreement, which is available under the Company’s SEDAR profile at www.sedar.com.
To satisfy its payment obligation, the Company issued 1,250,000 of its common shares, at a price per share of $0.10. In accordance with applicable securities laws, the shares issued are subject to a statutory hold period of four months and one day expiring May 9, 2020.
About QuestCap
QuestCap is an investment company that seeks to enhance shareholder value over the long term by opportunistically making various investments that may include, without limitation, the acquisition of equity, debt or other securities of publicly traded or private companies or other entities, financing in exchange for pre-determined royalties or distributions and the acquisition of all or part of one or more businesses, portfolios or other assets.
For additional information, please contact:
Aaron Atin
Corporate Secretary
aaron.atin@fmresources.ca
1-416-861-5888