Toronto, Ontario / ACCESSWIRE / September 5, 2014 / QMX GOLD CORPORATION (TSXV:QMX)("QMX" or the "Company") announces that, further to its press release dated July 7, 2014, it has sold a portion of its block of common shares (the "Shares") held in Falco Resources Ltd. ("Falco") in three separate transactions for aggregate gross proceeds of $1,732,500. In addition, QMX intends to sell an additional 3,150,000 common shares of Falco that are subject to an escrow agreement at a price of $0.27 per share, subject to the policies of the TSX Venture Exchange.
The Company's senior bridge lender, Third Eye Capital ("TEC") is requiring the sale of the Shares in order to prepay interest and fees owing to it with the remainder to be used to reduce the principal outstanding on the bridge facility.
QMX Gold and TEC have signed an amending agreement that will further extend the term of the bridge loan facility provided by TEC until September 30, 2014 which will be subject to the same terms and conditions outlined in the Company's press release of October 9th, 2013 with the exception of the requirement to sell the Shares.
QMX Gold Corporation is a Canadian mining company traded on the TSX-V under the symbol "QMX". The company is focusing on mine development and exploration in Quebec and is actively looking for other mining projects for acquisition in the Val D'or area
Contact Information:
Brett New, Louis Baribeau, Rob Hopkins,
President and CEO Public Relations Investor Relations
Tel: (416) 861-5904 Tel: (514) 667-2304 Tel: (416) 861-5899
Email: [email protected]
Cautionary Note Regarding Forward-Looking Information and Mineral Resources:
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 (express or implied) relating to the valuation of the Shares and the sale of such Shares, receipt of necessary approvals, the future financial or operating performance of QMX Gold, its properties and/or its projects. 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 annual information form of the Company, which is available under the profile of the Company 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. It should also be noted that mineral resources that are not mineral reserves do not have demonstrated economic viability.
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.
SOURCE: QMX GOLD CORPORATION