THUNDER BAY, ON, Jan. 28 /CNW/ - QRS Capital Corp. (TSXV:QRS) ("QRS" or the "Company") is pleased to announce the appointment of Diego Benalcazar to the
position of President.
As Chairman and CEO of the Corporation, John Seaman will continue to
play an active role in advancing the corporate strategy and to deploy
his strengths in venture markets, financing and corporate development
for the Company.
"The rapidly developing project in Chihuahua State, Mexico, and the
Company's aggressive acquisition strategy require the experienced
leadership and technical background that Diego Benalcazar brings to the
Company." says Seaman. "This is about adding strength and greater depth
to QRS's management team."
Mr. Benalcazar has been involved in mineral exploration, mining property
evaluation and acquisitions throughout Latin America and the Caribbean.
He has held managerial and consulting positions with several
international mining companies, including Homestake International
Minerals Ltd., Pancontinental Mining Ltd. and the U.S. subsidiary of
Belgium-based Union Minière. Mr. Benalcazar was also General Manager
for several subsidiaries of the Swiss Holderbank Cement Group. He has
additionally served as Director of Ready-Mixed Concrete for
HolcimCementos Caribe S.A. in Venezuela and CemetosBoyaca S.A. in
Colombia, which included responsibilities in the "Caricom" trade
market. In the past 3 years, Mr. Benalcazar served as Country Manager
for several Ecometals Limited subsidiary Companies in Ecuador. As a
former President and member of the Board of Directors of the Ecuadorian
Chamber of Mines, Mr. Benalcazar has actively represented the mining
industry in discussions with government authorities. Mr. Benalcazar
holds a B.A. in Geology from North Carolina State University and has
completed the Program for Management Development at Harvard Business
"It is truly an honour and an opportunity for me to bring my experience
and knowledge to QRS Capital Corp. said Mr. Benalcazar. With our top
class management and technical team we will be able to deliver
important achievements and create sustainable shareholders value in the
shortest possible time."
Non-Brokered Private Placement
QRS has also arranged a non-brokered private placement (the
"Non-Brokered Private Placement") to raise up to $750,000 through the
sale of up to 3,000,000 units to subscribers resident in Canada and
certain offshore ") 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 Corporation 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. The proceeds of this
financing will be used for mineral exploration and general working
ON BEHALF OF THE BOARD OF DIRECTORS
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