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Quebec Precious Metals raising C$6.5M for gold exploration, working capital

Quebec Precious Metals Corp. entered into an agreement to raise C$6.5 million for gold exploration and working capital, with closing anticipated around Nov. 15.

The private placement will comprise a combination of charity flow-through shares priced at 40 Canadian cents apiece and hard shares at 22 cents apiece under a bought-deal agreement with a syndicate of underwriters led by Laurentian Bank Securities Inc., according to an Oct. 22 news release

The company granted the underwriters a 15% overallotment option, exercisable at any time until 48 hours before closing.

Quebec Precious Metals said it will use net proceeds from the sale of hard shares for general corporate and working capital purposes and will use gross proceeds from the sale of the flow-through shares for exploration at the Sakami gold project and other gold projects in James Bay, Quebec.

In June, the company outlined plans to monetize its noncore assets in Quebec to focus on Sakami.