QRS Capital Corp. Closes Second Tranche of Private Placement
THUNDER BAY, ONTARIO--(Marketwired - July 7, 2013) -
QRS Capital Corp. ("QRS" or the "Company") (TSX VENTURE:QRS) is pleased to announce that it has closed the second tranche of its private placement previously announced on April 11, 2013 (the "Private Placement"). The Company has raised $445,000 through the issuance of 4,450,000 Units (the "Units") at a price of $0.10 per Unit.
Each Unit consists of one common share and one half of one common share purchase warrant (each whole warrant, a "Warrant"). Each such Warrant will entitle the holder to purchase one common share of the Company at a price of $0.20 per common share for a period of 60 months from the closing date of the Private Placement.
The closing of the second tranche brings the total raise to $685,000, of which Directors and Management of QRS have subscribed for an aggregate of $175,000 issued pursuant to the Private Placement.
Securities issued under the Offering will be subject to a four month hold period which will expire four months and one day from the date of closing date of the Private Placement. The Private Placement is subject to final acceptance by the TSX Venture Exchange and other customary conditions for a transaction of this nature.
On January 24th 2013, the Company announced that it had obtained an unsecured loans from two arm's length parties in the aggregate amount of US$500,000. The Company is pleased to announce that it has repaid $250,000 of these loans.
About QRS Capital Corp.
QRS is a Canadian publicly-listed mineral exploration and development company. QRS' flagship Aurum property, a surface copper oxide project, is located 12km from Teck Resources Ltd.'s El Relincho project. Management looks to leverage its exploration and development expertise to bring additional resources and value to shareholders. The Company is committed to upholding the highest environmental and social standards while focusing on delivering the financial growth its shareholders expect.
ON BEHALF OF THE BOARD OF DIRECTORS
John Seaman, Chairman & CEO
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about future, exploration results relating to the Aurum-Copper property, exploration plans for the Aurum-Copper property and the exploration potential of the Aurum-Copper property. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information, including the risks identified in the Company's disclosure documents. 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 information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
Neither 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.
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