THUNDER BAY, ON, April 7 /CNW/ - QRS Capital Corp. (TSXV:QRS) ("QRS" or the "Company") is pleased to announce that it intends to complete a non-brokered
private placement (the "Private Placement") of up to 3,100,000 units
(the "Units") to subscribers resident in Canada and certain offshore
jurisdictions at a price of $0.65 per Unit for gross proceeds of up to
$2,015,000. 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
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.
Office: 416 907 4148
Cell: 647 453 8955