Quebec Silica Announces Private Placement of up to $2 Million Units and Flow-Through Shares
Quebec Silica Announces Private Placement of
up to $2 Million Units and Flow-Through
Shares
Vancouver, British Columbia--(Newsfile Corp. - December 7, 2021) - Quebec Silica Resources Corp.
(
CSE: QTZ)
("Quebec Silica," or the "Company")
is pleased to announce that it is arranging a private
placement of: (i) up to 6,250,000 of units (each, a "
Unit
"), at a price of $0.16 per Unit; and (ii) up to an
aggregate of 5,000,000 of flow-through shares (each, a "
FT Share
"), at a price of $0.20 per FT Share
for aggregate gross proceeds of up to $2,000,000 (the "
Offering
").
Each Unit shall be comprised of one common share ("
Common Share
") in the capital of the Company
and one-half (1/2) of a transferable Common Share purchase warrant (each whole Common Share
purchase warrant, a "
Warrant
"). Each Warrant shall entitle the holder thereof to acquire one additional
Common Share at a price of $0.20 for a period of two (2) years from the closing date (the "
Closing
Date
") of the Offering. The FT Shares will qualify as "flow-through shares" within the meaning of
subsection 66(15) of the
Income Tax Act
(Canada).
The net proceeds from the issuance of the Units will be used for general working capital purposes. The
gross proceeds from the issuance of the FT Shares will be used for Canadian exploration expenses and
will qualify as "flow-through mining expenditures", as defined in subsection 127(9) of the
Income Tax Act
(Canada) and under section 359.1 of the
Taxation Act
(Quebec) (the "
Qualifying Expenditures
"),
which will be incurred on or before December 31, 2022 and renounced to the subscribers with an
effective date no later than December 31, 2021 in an aggregate amount not less than the gross
proceeds raised from the issue of the FT Shares. In addition, with respect to Quebec resident
subscribers of FT Shares and who are eligible individuals under the
Taxation Act
(Quebec), the
Canadian exploration expenses will also qualify for inclusion in the "exploration base relating to certain
Quebec exploration expenses" within the meaning of section 726.4.10 of the
Taxation Act
(Quebec) and
for inclusion in the "exploration base relating to certain Quebec surface mining expenses or oil and gas
exploration expenses" within the meaning of section 726.4.17.2 of the
Taxation Act
(Quebec).
In connection with the Offering, the Company may pay finder's fees and issue finder warrants to eligible
registrants consisting of: (i) cash finder's fees of up to 8% of the gross proceeds of the Offering; and (ii)
finder warrants in an amount equal to up to 8% of the number of Units and FT Shares issued pursuant to
the Offering, exercisable at a price of $0.20 per Common Share for a period of two (2) years following
the Closing Date.
The Offering is anticipated to close on or about December 15, 2021, or such later date as the Company
may determine. The closing is subject to certain conditions including, but not limited to, the receipt of all
necessary regulatory and other approvals, including the approval of the Canadians Securities Exchange
(CSE). All securities issued pursuant to the Offering will be subject to a statutory hold period of four
months from the date of issuance in accordance with applicable securities legislation.
About Quebec Silica Resources Corp.
Quebec Silica Resources Corp. is a mineral exploration, and development company focused on
exploring, developing, and acquiring industrial mineral resources in Quebec, Canada. The Company is
currently focused on its wholly-owned Charlevoix Silica Project, near St. Urbane, Quebec, Canada.
Additional information on Quebec Silica. is available at
www.quebecsilica.com
.
On Behalf of the Board of Directors,
QUEBEC SILICA RESOURCES CORP.
"Raymond Wladichuk, P.Geo."
Chief Executive Officer
For further information, please contact:
Elyssia Patterson - CFO
Tel: +1 (833) 474-5422
Email:
Neither the Canadian Securities Exchange nor it's Regulation Services Provider (as that term is
defined in the CSE policies) accepts responsibility for the adequacy or accuracy of this news release
and has neither approved nor disapproved the contents of this news release.
Forward-Looking Statements
This news release contains statements that constitute "forward-looking statements". Such forward-
looking statements involve known and unknown risks, uncertainties and other factors that may cause
Quebec Silica's actual results, performance or achievements, or developments in the industry to differ
materially from the anticipated results, performance or achievements expressed or implied by such
forward-looking statements. Forward-looking statements are statements that are not historical facts and
are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes,"
"intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will,"
"would," "may," "could" or "should" occur.
Although Quebec Silica believes the forward-looking information contained in this news release is
reasonable based on information available on the date hereof, by their nature, forward-looking
statements involve assumptions, known and unknown risks, uncertainties and other factors which may
cause our actual results, performance or achievements, or other future events, to be materially different
from any future results, performance or achievements expressed or implied by such forward-looking
statements.
Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks
and uncertainties associated with general economic conditions; the Covid-19 pandemic; adverse
industry events; future legislative and regulatory developments in the mining sector; the Company's ability
to access sufficient capital from internal and external sources, and/or inability to access sufficient capital
on favorable terms; mining industry and markets in Canada and generally; the ability of Quebec Silica to
implement its business strategies; competition; and other assumptions, risks and uncertainties.
The forward-looking information contained in this news release represents the expectations of the
Company as of the date of this news release and, accordingly, is subject to change after such date.
Readers should not place undue importance on forward-looking information and should not rely upon this
information as of any other date. While the Company may elect to, it does not undertake to update this
information at any particular time except as required in accordance with applicable laws.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/107002