Quadro Announces Private Placement of up to $850,000 to Develop Its Staghorn, Long Lake and Seagull Properties
Vancouver, June 5, 2020 - Quadro Resources Ltd. (TSXV: QRO) (FSE: G4O2) ("Quadro" or the "Company") announces that it has filed documents with the TSX Venture Exchange (the "Exchange") seeking approval to close the first tranche of a non-brokered private placement (the "Financing") of up to 8,095,238 units (the "Units") for gross proceeds of up to $850,000. Each Unit is priced at $0.105 and consists of one (1) common share of the Company and one half (1/2) of a common share purchase warrant (the "Warrants"), each Full Warrant being exercisable for an additional common share of the Company at $0.25 for 24 months from closing. Subject to Exchange approval the Company will issue 4,726,952 Units for gross proceeds of $496,330 in this first tranche close.
Proceeds from the Financing will be used to explore and develop the Company's Staghorn and Long Lake properties in Newfoundland and the Seagull property in Ontario. (See the news release dated April 28, 2020, for further details). Finder's fees on the financing may be paid in accordance with Exchange policies. All securities issued pursuant to the Financing will be subject to a four-month hold period.
About Quadro Resources - Quadro is a publicly traded mineral exploration company. It is led by an experienced and successful management team and is focused on exploring for gold and PGE in North America. Quadro has approximately 40 million shares outstanding. The Company's shares trade on the TSX Venture Exchange under the symbol "QRO". Quadro owns a 100% interest in the Staghorn and Conche properties and has an option to earn a 100% interest in the Long Lake property in Newfoundland and an option to earn a 70% interest in the Seagull Lake property in Ontario.
On behalf of the board of directors,
Quadro Resources Ltd.
"T. Barry Coughlan"
President and CEO
604-644-9561
"Neither the 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." The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections." For more information on the Company, interested parties should review the Company's filings that are available at www.sedar.com.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/57381