QC Copper Completes Sale of Baselode Shares for $7.85 Million
QC Copper Completes Sale of Baselode
Shares for $7.85 Million
TORONTO
,
Oct. 14, 2021
/CNW/ - QC Copper and Gold Inc. ("
QC Copper
" or the "
Company
")
(TSXV: QCCU) is pleased to announce it has sold 7,142,856 common shares of Baselode Energy
("
Baselode
") to arms-length parties for gross cash proceeds of
$7,857,141
.
"This transaction is a substantive non-dilutive financing for QC Copper. This
$7.85 million
capital
injection, when combined with our recently announced (
October 6, 2021
news release)
$6.9M
flow-
through financing at
$.60
a share, provides QC Copper with a very strong cash position. We intend
to deploy this capital to grow the Opemiska resource aggressively.
QC Copper remains a significant shareholder and supporter of Baselode Energy. Accordingly, it was
important for QC Copper to place these Baselode shares in the hands of highly-reputable
institutional investors and within a private off-market transaction which is now complete," said QC
Copper CEO
Stephen Stewart
.
Baselode continues to own an additional 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.
Early Warning Disclosure
The Company filed 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. Prior to this 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 beneficially owns, 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/October2021/14/c5484.html
%SEDAR: 00045293E
For further information:
Stephen Stewart, Chief Executive Officer, Phone: 416.644.1567, Email:
CO: QC Copper & Gold Inc.
CNW 09:42e 14-OCT-21