Vancouver, British Columbia--(Newsfile Corp. - December 12, 2023) - Questcorp Mining Inc. (CSE: QQQ) (the "Company" or "Questcorp") is pleased to announce that it has completed its initial public offering pursuant to an amended and restated prospectus dated September 13, 2023 (the "Offering") in which it issued an aggregate of 5,000,000 common shares of the Company (each, a "Common Share") at a purchase price of $0.10 per Common Share. This generated aggregate gross proceeds of $500,000.
Canaccord Genuity Corp. acted as agent on a commercially reasonable efforts basis in respect of the Offering and received a cash commission equal to 10% of the gross proceeds and a corporate finance fee. In addition, Questcorp issued 500,000 non-transferable agent's warrants (the "Agent's Warrants"), with each Agent's Warrant exercisable for one Common Share for a price of $0.10 until December 12, 2025.
Proceeds of the Offering will be applied to finance the Company's exploration work and for working capital purposes.
Questcorp is also pleased to announce that its Common Shares were listed on the Canadian Securities Exchange on December 11, 2023 and are expected to commence trading on or about December 13, 2023 under the trading symbol "QQQ".
About Questcorp Mining Inc.
Questcorp Mining Inc. is engaged in the business of the acquisition and exploration of mineral properties in Canada. The Company holds an option to acquire an undivided 100% interest in and to mineral claims totaling 1,168.09 hectares comprising the North Island Copper Property, on Vancouver Island, British Columbia, subject to a royalty obligation. The Company's secondary objective is to locate and develop economic precious and base metals properties of merit.
ON BEHALF OF THE BOARD OF DIRECTORS,
Saf Dhillon
President & CEO
Questcorp Mining Inc.
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Tel. (604-484-3031)
Suite 250 - 750 West Pender Street
Vancouver, British Columbia
V6C 2T7
Certain statements in this news release are forward-looking statements, which reflect the expectations of management regarding the Company's listing of its common shares on the Canadian Securities Exchange and the intended use of proceeds from the Offering. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change.
