The geological interpretation will be disclosed once available. The first assay values from the prospecting campaign at Elmer East are expected towards the end of November.
In view of the strong potential lithium potential identified on the high priority targets at the Elmer East project, QPM has expanded the project by staking 40 new claims adjacent to the other areas of interest. The new claims were added near the Ninaaskumuwin discovery. QPM now has a total of 1,298 claims covering 676 km2, 100% owned by the Corporation in the
'We are even more enthusiastic about the lithium exploration potential at Elmer East, and look forward to receiving the analytical results and plan the next stage of field work.', commented
The field work was performed by
Shares in Payment of Debts
The Company announces that it has entered into agreements to issue an aggregate of 194,625 common shares in settlement of debts of three current directors of the Corporation in an aggregate amount of
The Board of Directors and Management of QPM believe that the Debt Settlement is in the best interests of QPM as it will help the Corporation preserve its cash position. The common shares to be issued pursuant to the Debt Settlement will be issued at a deemed price of
The Debt Settlement is considered a 'related party transaction' as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ('MI 61-101'). The Debt Settlement will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as QPM's securities are not listed on any stock exchange identified in Section 5.5(b) of MI 61-101 and neither the fair market value of the common shares to be issued in the Debt Settlement nor of the services provided in connection with the debts which are the subject of the Debt Settlement exceeds 25% of QPM's market capitalization. The Debt Settlement is subject to regulatory approval, including that of the TSXV.
Deferred shares units
The Company announces the issuance of 95,000 deferred stock units (the 'DSUs') to the Chief Executive Officer pursuant to its Deferred Share Unit Plan (the 'DSU Plan'). This follows the decision that from
In accordance with the DSU Plan, the DSUs shall vest in accordance with the terms of agreements granting same and one year from the date of such grant, subject to the provisions of
About
QPM is primarily focused on advancing its Sakami gold project, located in
Contact:
Chief Executive Officer
Tel: 514 979-4746
Email: nchampigny@qpmcorp.ca
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