MONTREAL, QUEBEC--(Marketwired - Oct. 29, 2015) - NQ Exploration Inc. ("NQ") (TSX VENTURE:NQE) is pleased to announce the closing of a private placement (the "Offering") of $ 150,000 principal amount convertible debentures of the Company (the "Debentures"). The Debentures will mature October 28, 2016 and will bear interest at a rate of 2% per annum paid annually in cash. The principal amount of the Debentures shall be convertible at any time before maturity at the option of NQ into common shares of the Company (the "Common Shares") at the average discounted closing price of the Common Shares on the TSX Venture Exchange for a 20 day period preceding the conversion, subject to a minimum price of $ 0.05 per Common Share.
NQ is also pleased to announce the extension the maturity of its Debenture (as defined hereinafter) with the Société de développement de la Baie James (« SDBJ ») until December 29, 2016 and a debt settlement with SDBJ for the interest of the June 29, 2015, all subject to the final approval of the TSX Venture Exchange.
NQ will issue 239,342 common shares at a deemed price of $ 0.05 per share to SDBJ, representing the $ 11,967 in interest due as of June 29 2015, pursuant to the private placement of a $ 200,000 unsecured convertible debenture to SDBJ on December 29, 2011. The debenture bears interest at the rate of 12% per annum, payable semi-annually either in cash or in shares.
ABOUT NQ EXPLORATION INC.
NQ Exploration Inc. is a mining exploration company with a portfolio of mining properties in the James Bay and Abitibi regions of Quebec. NQ Exploration Inc. is betting on Quebec's excellent mineral potential and favourable investment climate to produce new world-class gold and base metal deposits.
Neither the TSX-Venture nor its Regulation Services Provider (as that term is defined in the policies of the TSX-Venture) has in any way passed upon the merits of the proposed transaction or approved or disapproved the contents of this press release.
Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those anticipated by such statements. NQ will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by NQ.
Contact Information:
President and Chief Executive Officer
(514) 206-7727
www.explorationnq.com