May 21, 2015 – Toronto, Ontario: QMX GOLD CORPORATION (TSXV:QMX)(“QMX Gold” or the “Company”) has successfully renegotiated the terms of the loan facility held by Third Eye Capital (“TEC”) to address the balance outstanding following the sale of the Snow Lake Project to a subsidiary of Hudbay Minerals.
In order to satisfy the debt obligation, QMX Gold and TEC have agreed upon a payment schedule whereby the Company will make certain payments to TEC totalling approximately C$1.52 million by August 7, 2015. Upon completion of those payments, the obligations of the Company under its Note Purchase Agreement with TEC will be satisfied in full and TEC will provide a release of all security.
Brett New, President and CEO of QMX Gold, commented: “I’m very pleased that Third Eye and QMX Gold were able to come to a mutually satisfactory agreement to finalize the repayment of the loan facility which needed to be addressed in order for QMX Gold to move forward and focus on its Quebec assets and operations.”
QMX Gold Corporation is a Canadian mining company traded on the TSX-V under the symbol “QMX”. The Company is focusing on mine development and exploration in Quebec and is actively looking for other mining projects for acquisition in the Val d’Or area.
President and CEO
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Cautionary Note Regarding Forward-Looking Information and Mineral Resources:
This press release contains or may be deemed to contain “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements (express or implied) relating to the ability of the Corporation to make scheduled payments, the future development of the assets of QMX Gold, and the future financial or operating performance of QMX Gold. 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, its properties and/or its projects to be materially different from those expressed or implied by such forward-looking information, including but not limited to those risks described in the disclosure documents of the Company filed under the Company’s profile on SEDAR. 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. It should also be noted that mineral resources that are not mineral reserves do not have demonstrated economic viability.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.