THUNDER BAY, ON, April 19 /CNW/ - QRS Capital Corp. (TSXV:QRS) ("QRS" or the "Company") is pleased to announce that it has amended the terms of the previously
announced (see Press Release of the Company dated April 13, 2011)
non-brokered private placement (the "Private Placement") of units of
the Company (the "Units") to increase the size of the offering by an
additional 740,000 Units for additional gross proceeds of $481,000.
Under the amended terms, the Company will issue an aggregate of up to
3,840,000 Units to subscribers resident in Canada and certain offshore
jurisdictions at a price of $0.65 per Unit for aggregate gross proceeds
of up to $2,496,000. All other terms and conditions of the Private
Placement remain unchanged.
Each Unit will be comprised of one common share of the Company and
one-half of one warrant of the Company (the "Warrants"). Each whole
Warrant will entitle the holder thereof to acquire one common share of
the Company at an exercise price of $0.80 per common share for a period
of 24 months after the closing date of the Private Placement. In
connection with the Private Placement, QRS may pay a finder's fee,
payable in Units, to certain arm's length parties in an amount equal to
8% of the aggregate gross proceeds raised under the Private Placement
from subscribers introduced to the Company by such parties.
The securities issued under the Private Placement will be subject to a
statutory hold period which will expire four months and one day from
the date of the closing of the Private Placement. The Private Placement
is subject to acceptance by the TSX Venture Exchange and other
customary conditions for a transaction of this nature. The proceeds of
the Private Placement will be used for mineral exploration activities
of the Company and for 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 located in the City of Aldama, Chihuahua State, Mexico.
QRS 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. QRS is actively seeking additional
exploration stage copper and gold properties in South America,
particularly in Colombia, Brazil, Chile and Ecuador.
Forward Looking Statements
This 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, but not limited to, 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:
Brett Allan, Apex Capital Inc.