Toronto, ON / ACCESSWIRE / August 12, 2014 / QMX GOLD CORPORATION (TSXV:QMX)("QMX" or the "Company") and its debentureholders have agreed to amend the convertible debenture dated April 28, 2010 to extend the maturity date of the convertible debentures to October 1st, 2014. The convertible debentures have an aggregate value of $4.2 million (plus interest) and were due to be repaid on April 28, 2014.
On the execution of the amending agreement, the debentureholders have acknowledged and waived the existing default condition and are making certain financial accommodations to allow QMX to proceed with the pending sale of the Snow Lake property to Northern Sun Mining Corp. that is expected to close on or before September 30, 2014.
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. QMX Gold continues mining activities at its Lac Herbin property in Val d'Or with production estimated at 16,500 - 17,500 ounces of gold in 2014.
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
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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 terms of the convertible debentures, the proposed sale of the Snow Lake property, 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