Questcorp Mining plans $3.5 million private placement offering

Questcorp Mining Inc. (CSE: QQQ) (OTCQB: QQCMF) (FSE: D910) announced a non-brokered private placement offering of up to 17.5 million units at $0.20 per unit for gross proceeds of up to $3.5 million.

Each unit consists of one common share and one-half of one share purchase warrant. The warrants allow holders to acquire additional common shares at $0.30 for 24 months following closing, with accelerated expiry if the share price reaches $0.50 or higher for ten consecutive trading days.

The company stated it expects to use proceeds for exploration and drill work at the La Union Gold and Silver Project, exploration at its North Island Copper Property, and general working capital purposes.

Questcorp will pay finders' fees to eligible third parties who introduce subscribers to the offering. Securities issued will be subject to a four-month-and-one-day resale restriction under applicable securities laws. The offering requires regulatory approvals.

The Vancouver-based company is engaged in mineral property acquisition and exploration in North America. It holds options to acquire 100% interests in the North Island Copper Property on Vancouver Island, British Columbia, covering 1,168.09 hectares, and the La Union Project in Sonora, Mexico, covering 2,520.2 hectares. Both properties are subject to royalty obligations.

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