Mr. Richard Penn reports
Q PRECIOUS & BATTERY METALS CORP. CLARIFIES PROPOSED MATANE HYDROGEN PROJECT ACQUISITION AND STRATEGIC COLLABORATION AGREEMENT WITH QUEBEC INNOVATIVE MATERIALS CORP.
Q Precious & Battery Metals Corp. has entered into an amended and restated acquisition agreement amending and restating its acquisition agreement with the beneficial owners of the Matane hydrogen project. The company is also clarifying the terms of the strategic collaboration agreement with Quebec Innovative Materials Corp. (see press release dated Jan. 30, 2025).
Under the terms of the revised agreement, the company is required to may a non-refundable $25,000 payment to Zadkiel Holdings Inc. and issue six million common shares to the sellers in exchange for the Matane hydrogen project. In addition, Q Precious & Battery Metals has granted the sellers a 1.2-per-cent royalty on revenues from the sale of any hydrogen or other minerals on the property. Fifty per cent of the sellers' royalty may be purchased for $1.2-million. The sellers' royalty and any proceeds from a buyout of the seller's royalty are split pro rata between the sellers based on their proportional interest in the revised agreement.
Under the terms of the collaboration agreement, the company is required to issue four million common shares to Quebec Innovative Materials and has granted Quebec Innovative Materials an 0.80-per-cent royalty on revenues from the sale of any hydrogen or other minerals on the property. Fifty per cent of the Quebec Innovative Materials royalty may be purchased for $800,000.
With the exception of the payment to Zadkiel Holdings, closing of the acquisition agreement and collaboration agreement are subject to the completion of a private placement financing of common shares, warrants or a combination of both for gross proceeds of a minimum $500,000. This condition is for the sole benefit Q Precious & Battery Metals and waivable by Q Precious & Battery Metals in its sole discretion. Both transactions are subject to approval of the Canadian Securities Exchange.
The Sellers and Quebec Innovative Materials are at arm's length to the company. The securities issued will be subject to a four-month-and-one-day hold from the date of issuance.
About Q Precious & Battery Metals Corp.
Q Precious & Battery Metals is a Canadian exploration company focused on critical minerals and energy transition resources. With a commitment to innovation and sustainability, Q Precious & Battery Metals is pioneering efforts to explore and develop natural hydrogen and other strategic resources in Quebec and beyond.
We seek Safe Harbor.
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