By Sheri Kasprzak
New York, Dec. 9 - QGX Ltd. has wrapped a C$3,429,560 private placement of stock with Barrick Gold Corp.
Barrick bought 826,400 shares at C$4.15 each.
Under the terms of the financing, Barrick is entitled to retain its percentage interest in QGX if QGX conducts other financing transactions.
The investor currently holds a 9.4% interest in QGX.
Proceeds will be used for ongoing capital expenses in Mongolia. The remainder will be used for general corporate purposes and working capital.
Based in Waterdown, Ont., QGX is a mineral exploration company.
| Issuer: | QGX Ltd.
|
| Issue: | Stock
|
| Amount: | C$3,429,560
|
| Shares: | 826,400
|
| Price: | C$4.15
|
| Warrants: | No
|
| Investor: | Barrick Gold Corp.
|
| Settlement date: | Dec. 9
|
| Stock price: | C$4.53 at close Dec. 8
|
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