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.
QC Copper 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
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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.
Stephen Stewart, Chief Executive Officer, Phone: 416.644.1567, Email: [email protected]
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