MONTREAL, QUEBEC--(Marketwired - Nov 1, 2017) - Quinto Resources Inc. (TSX VENTURE:QIT) ("Quinto" or the "Corporation") is pleased to announce the closing of a non-brokered private placement with accredited investors pursuant to which the Corporation issued 15,000,000 Units (the "Units") at a price of $0.05 per Unit, for total gross proceeds to the Corporation of $750,000. Each Unit consists of one common share (a "Common Share") and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one additional Common Share at a price of $0.08 for 12 months from the closing date of the private placement (the "Closing Date").
The Corporation has paid a total of $22,400 in cash (the "Finder's Fees") and issued 448,000 finder warrants (the "Finder Warrants") to certain finders, each in an amount representing 8% of the Units sold through the Finders under the Offering. Each Finder Warrant entitles the holder to purchase one Common Share at a price of $0.08 for 12 months from the Closing Date.
All securities issued under the private placement will be subject to a four-month hold period expiring on March 2, 2018.
The Corporation intends to use the proceeds of the private placement for the acquisition of mining properties and as working capital.
The private placement was carried out pursuant to prospectus exemptions of applicable securities laws and is subject to final acceptance by the TSX Venture Exchange.
As a result of the private placement, 39,029,998 common shares of Quinto are issued and outstanding.
About Quinto Resources Inc.
Quinto Resources Inc. is a Canadian-based mining exploration company focused on the exploration, evaluation and development of gold mining properties.
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