THUNDER BAY, ON, Feb. 1 /CNW/ - QRS Capital Corp. (TSXV:QRS) ("QRS" or the "Company") announces that in connection with its recently announced non-brokered
private placement (the "Non-Brokered Private Placement"), the Company
has increases the size of the Non-Brokered Private Placement to raise
up to a total of $1,100,000.
The Non-Brokered Private Placement will now include the issuance of up
to an additional 400,000 units at a price of $0.25 per Unit, for a
total of up to 4,400,000 Units to subscribers resident in Canada and
certain offshore jurisdictions at the price of $0.25 per Unit. Each
Unit is comprised of one common share of the Corporation and one-half
of one warrant of the Corporation, each whole Warrant being exercisable
to acquire one common share of the Company at an exercise price of
$0.35 per common share for a period of 24 months after the Closing
Date. QRS may pay a finder's fee to arm's length parties in an amount
to be determined.
All of the Units issued under Non-Brokered Private Placement will be
subject to a four month hold period. The Private Placement is subject
to acceptance by the TSX Venture Exchange and other customary
conditions. The proceeds of this financing will be used for mineral
exploration and general working capital purposes.
ON BEHALF OF THE BOARD OF DIRECTORS
Chairman & CEO
About QRS Capital Corp.
QRS is a mineral exploration company that holds an 80% beneficial
interest in the Judith Property which consists of six mining lots and
concessions that cover a combined area of approximately 597.5 hectares
located in the City of Aldama, Chihuahua State, Mexico and is entitled
to 70% of any net profits from the Judith Property. QRS also holds an
option to purchase the remaining 20% beneficial and legal interest in
the Judith Property for a payment of US$1.5 million before December 1,
2013. In the event QRS elects to exercise the option, a 20% interest in
the Judith Property will vest in Norma Mines S.A. de C.V., a Mexican
corporation that transferred its interests in the Judith Property to
QRS pursuant to the terms of an Assignment, Assumption and Amending
Agreement dated July 6, 2009, as amended. QRS is actively seeking
additional exploration stage copper and gold targets in South America,
particularly in Colombia, Brazil, Chile and Equador.
Forward Looking Statements
This Company Press Release may contain certain "forward-looking"
statements and information relating to the Company that are based on
the beliefs of the Company's management as well as assumptions made by
and information currently available to the Company's management. Such
statements reflect the current risks uncertainties and assumptions
related to certain factors including, without limitations, competitive
factors, general economic conditions, customer relations, relationships
with vendors and strategic partners, the interest rate environment,
governmental regulation and supervision, seasonality, technological
change, changes in industry practices, and one-time events. Should any
one or more of these risks or uncertainties materialize, or should any
underlying assumptions prove incorrect, actual results may vary
materially from those described herein.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release
SOURCE QRS Capital Corp.
For further information:
John Seaman, Chairman/CEO, QRS Capital Corp., (807) 474-9898