QMC Quantum Minerals Corp.

QMC Quantum Minerals Corp.

February 23, 2011 23:56 ET

QMC Quantum Minerals Corp.: Completion of $2.5 Million Initial Public Offering and Listing of Common Shares on TSX Venture Exchange

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 23, 2011) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

QMC Quantum Minerals Corp. ("QMC" or the "Company") is pleased to announce the closing of its initial public offering (the "IPO") pursuant to a prospectus dated December 31, 2010 filed in the Provinces of British Columbia and Alberta. The IPO involved the issuance of 12,500,000 units (the "Units") at a price of $0.20 per Unit for total gross proceeds of $2,500,000.

Each Unit consists of one common share of the Company (a "Share") and one non-transferable common share purchase warrant (a "Warrant") with each Warrant being exercisable into one additional Share for a period of 3 years from the date the common shares of QMC are listed on the TSX Venture Exchange (the "TSXV") at an exercise price of $0.30 in the first year and $0.40 in thereafter.

The IPO was conducted by Haywood Securities Inc. (the "Agent"). In consideration of the services of the Agent in the IPO, the Company paid the Agent a cash commission equal to 10% of the gross proceeds raised and granted the Agent warrants (the "Agent's Warrants") entitling the Agent to acquire, 1,250,000 units, each unit having the same terms and conditions as the Units. The Agent's Warrants are exercisable at $0.20 per unit and have a term of 2 years from the listing of the common shares on the TSXV.

The Company has made application to list the common shares on the TSXV. It is expected that the common shares will commence trading on the TSXV at market open on Monday February 28, 2011 under the symbol QMC.

The Company is a British Columbia based company engaged in the business of acquisition, exploration and development of mineral properties in Canada. Its objective is to locate and develop economic precious and base metals properties of merit and to conduct its exploration program on its principal property, the Rocky Lake Property, and its secondary properties are the Carrot River Property, the Rocky-Namew Property and the Namew Lake Property.

The Rocky Lake Property consists of Mineral Exploration License No. 219A and Jaln 1 Claim No. MB 7972 issued by the Government of Manitoba. Exploration License 219A covers an area of 5,000 hectares and the Jaln 1 Claim 256 hectares. The perimeter area of common interest surrounding Mineral Exploration License 219A and the Jaln 1 Claim is held by the Company under the Rocky-Namew Property comprised of Exploration Licenses No. 358A, 359A, and the Namew Lake Property comprised of Exploration Licenses 360A and 361A issued by the Government of Manitoba. The Company's Phase I program on the Rocky Lake Property consists of airborne and ground surveys which is expected to commence upon receipt of regulatory approval and satisfactory weather conditions. Phase I of the program is estimated to be completed within three to four months after commencement.

The net proceeds of the IPO will be used primarily for the continued exploration of the Rocky Lake Property, for property option payments on the Company's properties, to fund the Company's general and administrative expenses and to provide the Company with a working capital reserve.

The Company's Carrot River Property has been optioned to Cassius Ventures Ltd. (TSX VENTURE:CZ).

On behalf of the Board of Directors of QMC QUANTUM MINERALS CORP.

Balraj Mann, President and Chief Executive Officer

The securities referred to in this news release have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or applicable state securities laws, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (as such term is defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration requirements is available. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of these securities within any jurisdiction, including the United States.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding proposed exploration activities. Although the Company believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to, the state of the financial markets for the Company's equity securities, the state of the market for minerals that may be produced generally, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's ability to obtain any necessary permits, consents or authorizations required for its activities, to raise the necessary capital or to be fully able to implement its business strategies and other risks associated with the exploration and development of mineral properties. The reader is referred to the Company's prospectus dated December 31, 2010 for a more complete discussion of such risk factors and their potential effects, a copy of which may be accessed through the Company's page on SEDAR at www.sedar.com.

Neither the 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.

Contact Information

  • QMC Quantum Minerals Corp.
    Balraj Mann
    President and Chief Executive Officer
    604 601-2018