Quadro Resources Ltd. Announces Private Placement of up to $1,000,000, Grant of Stock Options
News Release
Quadro Resources Ltd. Announces Private Placement of up to $1,000,000, Grant of Stock Options
May 18, 2011
Quadro Resources Ltd (“Quadro” or the “Company”) (TSX.V: QRO), is pleased to announce a nonbrokered private placement of up to 5,000,000 units (the “Units”) to be issued at $0.20 per Unit to raise gross proceeds of $1,000,000. Each Unit consists of one common share of the Company and one common share purchase warrant (the “Warrants”), with each Warrant entitling the holder to acquire an additional common share (a “Warrant Share”) for $0.40 for a period of two (2) years from closing.
The Offering is subject to a number of conditions including the receipt of all necessary corporate and regulatory approvals, including the approval of the TSX Venture Exchange. The Company may pay a finder’s fee on the offering in cash, warrants, or a combination thereof, within the maximum amount permitted by the policies of the TSX Venture Exchange.
The common shares comprising the Units and Warrant Shares will be subject to a four month hold period subsequent to the date of issue.
Quadro intends to use the proceeds of the private placement for general working capital and project purposes.
Quadro also announces that it has granted incentive stock options to certain directors, officers and consultants of the Company to purchase 1,000,000 shares in the capital of the Company (the “Option”) pursuant to the 2010 Option Plan. The Options are exercisable until May 17, 2016. The grant of the Options is subject to TSX Venture Exchange approval.
On Behalf of the Board of Directors T.B. Coughlan CEO (604) 683-3331
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. Forward-looking statements in this release are made pursuant to the ‘safe harbor’ provisions of the Private Securities Litigation Reform act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties.
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Such forward-looking statements or information, including but not limited to those with respect to the prices of copper, estimated future production, estimated costs of future production, permitting time lines, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such factors include, among others, the actual prices of copper, the factual results of current exploration, development and mining activities, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's documents filed from time to time with the securities regulators in the Provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador
Suite 1030–789 W est Pender Street � Vancouver, B.C. � V6C 1H2 � Tel (604) 683-3331 � Fax (604) 685-8677