LAVAL, QUEBEC--(Marketwire - July 26, 2012) - Quinto Real Capital Corporation (the "Corporation" or "Quinto") (TSX VENTURE:QIT.P) wishes to give an update on its qualifying transaction and concurrent private placement previously announced on November 9, 2011 regarding the VMM-17 oil block project (the "Qualifying Transaction"). The Qualifying Transaction approval process is ongoing as preliminary documentation has been filed with regulatory authorities and is presently being reviewed.
Since this press release, the following milestones were accomplished:
- Retained Apex Energy Consultants, Inc. to complete a 51-101 resource evaluation on the VMM-17 oil block project (the "Technical Report"), which has been filed for review to the regulatory authorities;
- Hired Macquarie Private Wealth as a sponsor for the Corporation;
- Filed preliminary documentation in respect with the Qualifying Transaction to the TSX Venture Exchange and l'Autorité des marchés financiers (AMF); and
- Raised the required funds through a concurrent private placement at a deemed price of $0.40 per common share. Funds are presently held in escrow subject to regulatory approvals.
Management of both parties are fully committed in finalizing the Qualifying Transaction as soon as possible.
The Corporation will file the Technical Report on SEDAR once it has been reviewed by regulatory authorities.
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.
Contact Information:
Michael Curtis
President and Chief Executive Officer
Telephone: (450) 681-7744