QC Copper Announces Sale of Baselode Shares
QC Copper Announces Sale of Baselode
Shares
TORONTO
,
Oct. 6, 2021
/CNW/ - QC Copper and Gold Inc. ("
QC Copper
" or the "
Company
")
(TSXV: QCCU) is pleased to announce it intends to enter into agreements to sell 7,142,856 common
shares of Baselode Energy ("
Baselode
") to arms-length parties. On completion of the sale, QC
Copper will retain 10,714,287 shares in Baselode which the Company will continue to hold for
investment purposes. The Company has no intention of selling its remaining investment in Baselode
at this time.
"Based on the recent success of Baselode Energy and strong investor demand for its shares, we
received numerous offers to privately purchase our Baselode position. We remain significant
investors in Baselode, and are focused on ensuring that its shares are placed in the right hands. We
see this transaction as an very attractive opportunity to place some of our Baselode shares in the
hands of highly-reputable, institutional investors while adding a substantive non-dilutive cash injection
into QC Copper. This significant and ongoing investment reflects our tremendous support for CEO,
James Sykes
and the rapidly evolving Baselode story," said QC Copper CEO
Stephen Stewart
commented.
The proceeds of the sale will be primarily used to fund exploration activities at QC Copper's
Opemiska project and general working capital purposes.
Early Warning Disclosure
The Company will be filing a Form 45-102F1 –
Notice of Intention to Distribute Securities under
Section 2.8 of NI 45-102 – Resale of Securities
(the "
Sales Notice
") and an early warning report
(the "
Early Warning Report
") regarding the sale of the shares on SEDAR. As of the date of this
news release, prior to the sale, the Company beneficially owned, controlled or directed 17,857,143
shares of Baselode, presenting approximately 23.28% of the outstanding shares. Following the sale,
the Company will beneficially own, control or direct 10,714,287 shares, representing approximately
13.97% of the outstanding shares. A copy of the Sales Notice and Early Warning Report with
additional information in respect of the foregoing matters will be available on
www.sedar.com
.
About the Opemiska Copper Complex
The Opemiska Copper Complex is located adjacent to
Chapais, Quebec
, within the
Chibougamau
district. Opemiska is also within the Abitibi Greenstone belt and within the boundaries of the Province
of
Quebec's
Plan Nord, which promotes and funds infrastructure and development of natural
resource projects. The Opemiska property covers 12,782 hectares and covers the past producing
Springer, Perry, Robitaille and Cooke mines, previously-owned and operated by
Falconbridge
between 1953-1991. The project hosts excellent on-site infrastructure, including a power station and
direct access to Highway 113 and the Canadian National Railway.
For information and updates on QC Copper and Gold, please visit:
www.qccopper.com
And please follow us on Twitter
@qccoppergold
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
TSX Venture Exchange policies) accept responsibility for this release's adequacy or accuracy.
Certain information in this press release may contain forward-looking statements. This information
is based on current expectations subject to significant risks and uncertainties that are difficult to
predict. Actual results might differ materially from results suggested in any forward-looking
statements. QC Copper and Gold Inc. assume no obligation to update the forward-looking
statements or to update the reasons why actual results could differ from those reflected in the
forward looking-statements unless and until required by securities laws applicable to QC Copper
and Gold Inc. Additional information identifying risks and uncertainties is contained in QC Copper
and Gold Inc. filings with Canadian securities regulators, which filings are available under QC
Copper and Gold Inc. profile at
www.sedar.com
.
SOURCE
QC Copper & Gold Inc.
View original content:
http://www.newswire.ca/en/releases/archive/October2021/06/c4229.html
%SEDAR: 00045293E
For further information:
Stephen Stewart, Chief Executive Officer, Phone: 416.644.1567, Email:
CO: QC Copper & Gold Inc.
CNW 07:00e 06-OCT-21