Business & Finance
Business and Finance
Business and Finance
Thu, February 17, 2011 QRS CAPITAL CORP. CLOSES $1,117,500 NON-BROKERED PRIVATE PLACEMENT
THUNDER BAY, ON, Feb. 17 /CNW/ - QRS Capital Corp. ("QRS" or the "Company") (TSXV: QRS) is pleased to announce the closing on February 15, 2011 of its previously announced non‐brokered private placement of 4,470,000 units (the "Units") at a price of $0.25 per Unit for gross proceeds of $1,117,000 (the "Offering"). Each Unit consisted of one common share and one half of one common share purchase warrant (each whole warrant, a "Warrant"). Each such Warrant will entitle the holder to purchase one common share of the Company at a price of $0.35 per common share until February 14, 2013.
In connection with their services in introducing subscribers to the Company, the Company paid a finder's fee to Access Capital Corp. ("Access") equal to 8% of the aggregate gross proceeds raised by the Company from subscribers introduced by Access, which fee was satisfied by the issue of an aggregate of 312,800 Units, being comprised of 312,800 common shares and 156,400 Warrants.
Securities issued under the Offering will be subject to a four month hold period which will expire four months from the date of closing.
The net proceeds from the Offering will be used to continue the mineral exploration activities of the Company and for general working capital purposes.
ON BEHALF OF THE BOARD OF DIRECTORS
"John Seaman"
John Seaman
Chairman & CEO
About QRS Capital Corp.
QRS is a mineral exploration company that holds an 80% beneficial interest in the Judith Property which consists of six mining lots and concessions that cover a combined area of approximately 597.5 hectares located in the City of Aldama, Chihuahua State, Mexico and is entitled to 70% of any net profits from the Judith Property. QRS also holds an option to purchase the remaining 20% beneficial and legal interest in the Judith Property for a payment of US$1.5 million before December 1, 2013. In the event QRS elects to exercise the option, a 20% interest in the Judith Property will vest in Norma Mines S.A. de C.V., a Mexican corporation that transferred its interests in the Judith Property to QRS pursuant to the terms of an Assignment, Assumption and Amending Agreement dated July 6, 2009, as amended. QRS is actively seeking additional exploration stage copper and gold targets in South America, particularly in Colombia, Brazil, Chile and Ecuador.
Forward Looking Statements
This Company Press Release may contain certain "forward-looking" statements and information relating to the Company that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. Such statements reflect the current risks uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions, customer relations, relationships with vendors and strategic partners, the interest rate environment, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
