Q-Gold closes first tranche of financing

Q-Gold Resources Ltd., a Canadian-based mineral exploration company, has closed the first tranche of its previously announced non-brokered private placement for gross proceeds of $126,500.

The remainder of the total $600,000 Offering is expected to close by the end of the month.

The corporation issued 831,250 “flowthrough” (FT) units at a price of $0.08 per unit. Each Unit consists of one flow-through common share of the Corporation and one-half of one common share purchase warrant.

Each full FT Warrant will entitle the holder to purchase one additional common share of the Corporation at a price of $0.12 for a period of 24 months from the date of issuance.

In addition, the Corporation issued 1,000,000 “non-flow-through” (NFT) units at a price of $0.06 per unit.

Each NFT Unit consists of one common share of the Corporation and one-half of one common share purchase warrant.

Each full NFT Warrant will entitle the holder to purchase one additional common share of the Corporation at a price of $0.10 for a period of 24 months.