TORONTO, Jan. 08, 2020 (GLOBE NEWSWIRE) -- QuestCap Inc. (“QuestCap” or the “Company”) (CSE: QSC) is pleased to announce that, in connection with the Company’s previously announced acquisition of a 1.0% net smelter return royalty in respect of minerals removed from the property covered by 81 mineral claims and one surveyed mining lease known as the Troilus Mine, located in Northern Quebec (the “Royalty”), the vendor agreed to extend the dates on which the four equal cash payments of $2.5 million (the “Instalments”) are due by 90 days each. The Instalments now become payable on the dates that fall 180, 270, 360 and 450 days from the execution date of the royalty purchase agreement (the “Agreement”). As consideration for the vendor agreeing to extend the dates on which the Instalments are due, QuestCap agreed to pay $125,000 to the vendor. Please see the Company’s press release dated October 8, 2019 for further information about the Royalty and the Agreement, which is available under the Company’s SEDAR profile at www.sedar.com.
To satisfy its payment obligation, the Company issued 1,250,000 of its common shares, at a price per share of $0.10. In accordance with applicable securities laws, the shares issued are subject to a statutory hold period of four months and one day expiring May 9, 2020.
About QuestCap
QuestCap is an investment company that seeks to enhance shareholder value over the long term by opportunistically making various investments that may include, without limitation, the acquisition of equity, debt or other securities of publicly traded or private companies or other entities, financing in exchange for pre-determined royalties or distributions and the acquisition of all or part of one or more businesses, portfolios or other assets.
For additional information, please contact:
Aaron Atin
Corporate Secretary
aaron.atin@fmresources.ca
1-416-861-5888
Cautionary Note Regarding Forward-looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to QuestCap’s acquisition of the Royalty and the dates on which the Instalments are due. 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, as the case may be, to be materially different from those expressed or implied by such forward-looking information. 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 THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.