VANCOUVER, June 11, 2014 /CNW/ - Q-Gold Resources Ltd. (the "Company")
(TSX VENTURE: QGR) (http://www.qgoldresources.com) is pleased to announce that it intends to complete a non-brokered private placement for gross proceeds of up to $1,250,000
(the "Offering"), consisting of 50,000,000 Units (each a "Unit") at a
price of $0.025 per Unit. Each Unit will consist of one common share
and one common share purchase warrant (the "Warrant"), entitling the holder to acquire one additional common share at an
exercise price of $0.05 for a period of 18 months from issuance,
subject to the Company's acceleration right. In the event that the
closing price (or closing bid, if no sales were reported on a trading
day) of the Company's common shares as quoted on the TSX Venture
Exchange (the "Exchange") or such other securities exchange, quotation
system or market on which the common shares are listed and where a
majority of the trading volume of the common shares occurs) exceeds
$0.07 per share for a price of twenty consecutive trading days, the
Company may, within five days of such event, provide notice by way of
news release of early expiry, in which event the Warrants will expire
ten days from the date of such news release.
Management of the Company have proposed a motion for its shareholders to
consider and approve a consolidation of the common shares on the basis
of one "new" common share for up to every five "old" common shares, at
the annual general and special meeting of its shareholders to be held
on June 20, 2014. If approved by its shareholders, it is anticipated
that the shares comprising any Units issued under the Offering will be
consolidated on the same basis and that the exercise price of such
Warrants comprising such Units will be adjusted accordingly. It is
anticipated that pricing of the Offering at $0.025 per Unit will be
conditional on the Company's shareholders approving the consolidation.
There can be no guarantee or assurance that such approval will be
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 Exchange.
A finder's fee may be payable in relation to the proposed private
placement in line with the policies of the Exchange.
The Offering is subject to Exchange approval.
Proceeds from the Offering will be used by Q-Gold for continued
exploration in the Company's historic (19th Century) gold and silver camps at Mine Centre, Ontario, and Crown King,
Arizona, to identify and analyze any potential opportunities for the
Company, and for general corporate purposes.
About Q-Gold Resources Ltd.
Q-Gold is a publicly traded Canadian-based mineral exploration company
currently exploring for precious and base metals on its Ontario and
Certain statements in this release are forward-looking statements,
including with respect to the proposed private placement offering, and
the consolidation of the Company's common shares. Forward-looking
statements consist of statements that are not purely historical,
including any statements regarding beliefs, plans, expectations or
intentions regarding the future. Such statements are subject to risks
and uncertainties that may cause actual results, performance or
developments to differ materially from those contained in the
statements. No assurance can be given that any of the events
anticipated by the forward-looking statements will occur or, if they do
occur, what benefits the Company will obtain from them. These
forward-looking statements reflect management's current views and are
based on certain expectations, estimates and assumptions which may
prove to be incorrect. A number of risks and uncertainties could cause
our actual results to differ materially from those expressed or implied
by the forward-looking statements, as well as other factors beyond the
These forward-looking statements are made as of the date of this news
Neither the 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: Q-Gold Resources Ltd.
For further information:
J. Bruce Carruthers II, Chairman at 1-928-779-0166 or firstname.lastname@example.org,