Montreal, May 5, 2023 – Quebec Precious Metals Corporation (TSX.V: QPM, FSE: YXEP, OTC-BB: CJCFF) (“QPM” or the “Corporation”) announces that it has entered into agreements to issue an aggregate of 162,188 common shares in settlement of debts of three current directors of the Corporation in an aggregate amount of $19,462.56 (the “Debt Settlement”). The Debt Settlement is paid in connection with services rendered by the current directors during the first quarter of the financial year ending January 31, 2024.
The Board of Directors and Management of QPM believe that the Debt Settlement is in the best interests of QPM as it will help the Corporation preserve its cash position. The common shares to be issued pursuant to the Debt Settlement will be issued at a deemed price of $0.12 per share and will be subject to a four-month hold period pursuant to applicable securities regulations and the policies of the TSX Venture Exchange (the “TSXV”).
The Debt Settlement is considered a “related party transaction” as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Debt Settlement will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as QPM’s securities are not listed on any stock exchange identified in Section 5.5(b) of MI 61-101 and neither the fair market value of the common shares to be issued in the Debt Settlement nor of the services provided in connection with the debts which are the subject of the Debt Settlement exceeds 25% of QPM’s market capitalization.
The Debt Settlement is subject to regulatory approval, including that of the TSXV.
Deferred shares units
The Company announces the issuance of 79,167 deferred stock units (the “DSUs”) to the Chief Executive Officer pursuant to its Deferred Share Unit Plan (the “DSU Plan”). This follows the decision that from May 1, 2022, the CEO’s salary compensation will be paid 80% in cash and the other 20% of compensation will be paid in Differed DSUs quarterly. These DSUs represent the portion for the first quarter of 2024. In accordance with the DSU Plan, the DSUs shall vest in accordance with the terms of agreements granting same and one year from the date of such grant, subject to the provisions of TSXV Policy 4.4 and the Company’s security based compensation plan, and are payable in common shares of the Company, or in cash at the sole discretion of the Company, upon the holder ceasing to be an employee of the Company.
About Quebec Precious Metals Corporation
QPM is a gold explorer with a large land position in the highly prospective Eeyou Istchee James Bay territory, Quebec, near Newmont Corporation’s Éléonore gold mine. QPM’s flagship project is the Sakami project with significant grades and well-defined drill-ready targets. QPM’s goal is to rapidly explore the Sakami project and advance to the mineral resource estimate stage.
For more information please contact:
Chief Executive Officer
Tel.: 514 979-4746
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.
- September 20, 2023 Quebec Precious Metals Congratulates Harfang Exploration on its Spodumene Discovery near the Sakami Project, James Bay, Quebec
- August 22, 2023 Quebec Precious Metals Identifies High Priority Lithium Targets on James Bay Projects
- August 09, 2023 Quebec Precious Metals Grants Stock Options and Deferred Share Units, Issue Shares in Payment of Debts
- July 28, 2023 Quebec Precious Metals Closes Second and Final Tranche of $1.4 M Private Placement, Announces Results of Annual Shareholders Meeting, Appoints Geneviève Ayotte as director
- July 12, 2023 Quebec Precious Metals Closes first tranche of Private Placement
- June 27, 2023 Quebec Precious Metals Announces Private Placement
- May 05, 2023 Quebec Precious Metals to Issue Shares in Payment of Debts and Deferred Share Units
- March 27, 2023 Quebec Precious Metals to Reveal Lithium Potential on James Bay Projects and Hires IR Firm Paradox
- February 03, 2023 Quebec Precious Metals to Issue Shares in Payment of Debts and Deferred Share Units
- December 15, 2022 Quebec Precious Metals to Issue Shares in Payment of Debts and Deferred Share Units
- November 11, 2022 Idaho Champion and Quebec Precious Metals Closes Acquisition of Prospective Lithium Projects in Pegmatite-Rich James Bay region, Quebec
- November 07, 2022 Quebec Precious Metals receives $ 1 M payment
- October 12, 2022 Quebec Precious Metals announces results of Annual shareholders meeting
- October 10, 2022 Quebec Precious Metals continues sales process for Kipawa & Zeus projects following termination of agreement by Vital