For the directors, officers and one employee, each Option entitles its holder to purchase one common share of the Company at a price of
Deferred shares units
The Company announces the issuance of 1,035,000 deferred stock units (the 'DSUs') pursuant to its Deferred Share Unit Plan (the 'DSU Plan'). Of this number, 960,000 DSUs have been granted to its directors and officers, and 75,000 to one employee.
The Company also announces the issuance of 111,765 DSUs to the Chief Executive Officer pursuant to its 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
Shares in Payment of Debts
The Company announces that it has entered into agreements to issue an aggregate of 230,380 common shares in settlement of debts of three current directors and one former 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.
About
QPM is a gold explorer with a large land position in the highly prospective Eeyou Istchee
Contact:
Tel: 514 979-4746
Email: nchampigny@qpmcorp.ca
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