QMX Gold Upsizes and Closes Previously Announced Non-Brokered Private Placement at $1.5 Million

TORONTO, Aug. 16, 2018 (GLOBE NEWSWIRE) -- QMX Gold Corporation (“QMX” or the “Company”) (TSX:V:QMX) is pleased to announce it has closed its previously announced non-brokered private placement for gross proceeds of approximately $1.5 million. In connection with the financing, the Company issued 15,150,000 units (“Units”) at a price of $0.10 per unit. Each Unit is comprised of one common share and one share purchase warrant exercisable for one common shares of the Company at any time prior to 4:00 p.m. (Toronto time) on February 16, 2021 at a price of $0.15 per share. The Company intends to use the net proceeds of the Offering for general corporate and working capital purposes.

In connection with the Offering, the Corporation has agreed to pay a finder’s fee in cash equal to 7.0% of the gross proceeds received by the Company from investors sourced by the finder and issue broker warrants (the “Broker Warrants”) equal to 7.0% of the aggregate number of Units issued to investors sourced by the finder. Each Broker Warrant shall entitle the finder to purchase one Common Share at a price of $0.15 per Common Share for a period of 30 months following the closing of the Offering.

The securities issued under this Offering will be subject to a statutory hold period.

About QMX Gold Corporation

QMX Gold Corporation is a Canadian based resource company traded on the TSX-V under the symbol “QMX”. The Company has a strong balance sheet and is systematically exploring its extensive property position in the Val d’Or mining camp in the Abitibi District of Quebec. QMX is currently drilling in the Val d’Or East camp portion of its land package focused on the Bonnefond South Plug and in and around the Bevcon Intrusive. In addition to its extensive land package, QMX owns the Aurbel gold mill.

Cautionary Note Regarding Forward-Looking Information:

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 regarding future plans, operations and activities, projected mineralization, timing of assay results, and the ability of the Company to continue as a going concern. 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 disclosure documents of the Company filed under the Company’s profile 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.

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.