QMX Closes Sale of Non-Core Property
TORONTO, ONTARIO--(Marketwired - Jul 26, 2017) - QMX Gold Corporation ("QMX" or the "Company") (TSX VENTURE:QMX) is pleased to report it has closed the previously announced sale of its non-core Aurbel East property, located in Val d'Or, Quebec, to Probe Metals Inc. ("Probe Metals") for $1,000,000 (see Figure 1).
QMX Gold will use the proceeds of the sale for general working capital purposes and to fund core exploration activities. No finder's fees are payable.
"Maintaining balance sheet strength is critically important as QMX systematically explores its extensive land package located in the heart of the Val d'Or mining camp. The Aurbel East property sale is consistent with QMX's strategy to focus its efforts on nearer term core portions of its property." stated Brad Humphrey, President and CEO. "We are very excited to be drilling on the Bonnefond South Plug, one of our priority targets, while we evaluate our recent discoveries on the Southwestern and Beacon zones."
To view Figure 1 - Val d'Or Mining Camp Property, please visit the following link: http://media3.marketwire.com/docs/ValDorProperty1099856.pdf
The transaction has now received all required regulatory and third-party approvals. Given Probe Metals' 10.6% shareholding in QMX Gold, this sale is considered a related party transaction as defined by the Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions and for the purposes of the TSX Venture Exchange, is a non-arm's length transaction. As the fair market value of the subject matter of, and the fair market value of the consideration for, the sale transaction is less than 25% of QMX's market capitalization, QMX relied on available exemptions from the MI 61-101 requirements to obtain a formal valuation and minority shareholder approval for the proposed sale transaction.
About QMX Gold Corporation
QMX Gold Corp. is a Canadian based resource company traded on the TSX-V under the symbol "QMX". The Company was recently restructured and is now systematically exploring its extensive property position in the Val d'Or mining camp in the Abitibi District of Quebec. QMX is currently drilling on the Bonnefond South Plug and is evaluating its recent discoveries on the Southwestern and Beacon Zones in order to set follow up drill targets. In addition to its extensive land package, QMX owns the Aurbel gold mill.
Cautionary Note Regarding Forward-Looking Information:
This press release contains or may be deemed to contain "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements regarding the future plans, operations and activities, proposed use of proceeds, receipt of required permits and obtaining necessary financing, and the ability of the Company to continue as a going concern. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, its properties and/or its projects to be materially different from those expressed or implied by such forward-looking information, including but not limited to those risks described in the disclosure documents of the Company filed under the Company's profile on SEDAR. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact
QMX Gold Corp.
Brad Humphrey
President and CEO
(416) 861-5887
Louis Baribeau
Public Relations
(514) 667-2304
QMX Gold Corp.
+1 877-717-3027
info@qmxgold.ca
www.qmxgold.ca
