Q-Gold Announces Private Placement Offering
Q-GOLD RESOURCES LTD. c/o Mineral Creek Resources Inc. Bank of America Building Suite 508, 121 East Birch Avenue Flagstaff, Arizona 86001 Ph: (928) 779-0166/ Fax: 779-0107 www.QGoldResources.com
Q-GOLD ANNOUNCES PRIVATE PLACEMENT OFFERING
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
Vancouver, British Columbia, August 19, 2011 – Q-Gold Resources Ltd. (the "Company") (TSX VENTURE: QGR) (http://www.qgoldresources.com) announces that it has arranged for a nonbrokered private placement of 6,450,000 flow-through units ("FT Units") at a price of $0.10 per FT Unit and 900,000 non-flow-through units ("NFT Units") at a price of $0.09 per NFT Unit for aggregate gross proceeds of $726,000 (the "Offering"). Each FT Unit will be comprised of one common share ("Share") and one-half of one Share purchase warrant of the Company ("Warrant") and each NFT Unit will be comprised of one Share and one-half of one non-transferable Warrant of the Company. Each Warrant will entitle the holder to purchase one Common Share (a "Warrant Share") for a period of 24 months from the closing date at an exercise price of $0.14 per Warrant Share.
The Company may, in its sole discretion, pay a finders' fee to agents of the Company consisting of: (i) a cash fee in an amount of 5% of the proceeds raised by such finder as part of this Offering, and (ii) a number of finder's options, entitling the holder thereof to purchase that number of units of the Company ("Finder's Unit") that is equal up to 10% of the number of units placed through the finder as part of this Offering. Each Finder's Unit will be comprised of one NFT Unit exercisable at a price of $0.10 per NFT Unit for a period of 24 months from the closing date.
The proceeds raised will be used for continued gold and silver exploration on the Issuer's properties at Mine Centre, Ontario and Crown King, Arizona and for general corporate purposes.
The Offering is subject to TSX Venture Exchange approval.
About Q-Gold Resources Ltd.
Q-Gold is a Canadian-based mineral exploration company currently exploring for precious and base metals on its Alaska, Ontario and Arizona prospects.
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.
Contact Information:
J. Bruce Carruthers II, Chairman at 1-888-779-0166 or [email protected], Website: http://www.qgoldresources.com
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