THUNDER BAY, ON, Feb. 17 /CNW/ - QRS Capital Corp. ("QRS" or the "Company") (TSXV: QRS) is pleased to announce the closing on February 15, 2011
of its previously announced non‐brokered private placement of 4,470,000
units (the "Units") at a price of $0.25 per Unit for gross proceeds of $1,117,000 (the "Offering"). Each Unit consisted of one common share and one half of one common
share purchase warrant (each whole warrant, a "Warrant"). Each such Warrant will entitle the holder to purchase one common
share of the Company at a price of $0.35 per common share until
February 14, 2013.
In connection with their services in introducing subscribers to the
Company, the Company paid a finder's fee to Access Capital Corp. ("Access") equal to 8% of the aggregate gross proceeds raised by the Company
from subscribers introduced by Access, which fee was satisfied by the
issue of an aggregate of 312,800 Units, being comprised of 312,800
common shares and 156,400 Warrants.
Securities issued under the Offering will be subject to a four month
hold period which will expire four months from the date of closing.
The net proceeds from the Offering will be used to continue the mineral
exploration activities of the Company and for general working capital
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 Ecuador.
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:
Brett Allan, Apex Capital Inc.
Telephone: 416 907 4145