Mr. Richard Penn reports
Q PRECIOUS & BATTERY METALS CORP. TO SETTLE OUTSTANDING DEBT AND GRANT OPTIONS
Q Precious & Battery Metals Corp. proposes to settle outstanding indebtedness of up to $250,944 in exchange for an aggregate of up to 3,345,916 common shares of the company at a price of 7.5 cents per common share.
The securities, when issued, will be subject to a four-month-and-one-day hold from the date of issuance. In addition, the debt settlement is subject to the approval of the Canadian Securities Exchange.
The company announces that it has granted 2.2 million stock options with a two-year term and an exercise price of nine cents per share, of which all of the issued options were issued to directors and officers of the company.
Option grant to Richard Penn
Mr. Penn, an officer and director of company, was granted one million options to purchase common shares of Q Precious & Battery Metals. Immediately prior to the closing of the option grant, the acquiror beneficially owned or controlled 2,516,965 shares, 212,750 warrants and 180,000 options, representing approximately 9.3 per cent of the issued and outstanding shares on a non-diluted basis and, assuming the exercise of the 212,750 warrants and 180,000 options, approximately 10.6 per cent of the issued and outstanding shares on a partially diluted basis.
Immediately following the closing of the option grant, the acquiror beneficially owns or controls 2,516,965 shares, 212,750 warrants and 1.18 million options, representing approximately 9.3 per cent of the issued and outstanding shares on a non-diluted basis and, assuming the exercise of the 212,750 warrants and 1.18 million options, approximately 13.7 per cent of the issued and outstanding shares on a partially diluted basis.
The securities of the company held by the acquiror are held for investment purposes. The acquiror has a long-term view of the investment and may acquire additional securities of the company either on the open market, through private acquisitions or as compensation; or sell the securities on the open market or through private dispositions in the future, depending on market conditions, general economic and industry conditions, the company's business and financial condition, reformulation of plans, and/or other relevant factors.
A copy of the acquiror's early warning report will appear on the company's profile on SEDAR+ and may also be requested by mail at Q Precious & Battery Metals, Suite 500, 666 Burrard St., Vancouver, B.C., V6C 3P6, attention: Mr. Penn; or by phone at 778-384-8923.
We seek Safe Harbor.
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