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Montreal, November 7, 2024 – Quebec Precious Metals Corporation (TSX.V: QPM, FSE: YXEP, OTC-BB: CJCFF) (“QPM” or the “Corporation”) announces that an aggregate of 221,165 common shares will be issued in settlement of services of three current directors of the Corporation in an aggregate amount of $19,462.52, as per the shares for services agreements entered with three current directors (the “Shares for Services Arrangement”) (see press release dated June 21, 2024). The services are paid in connection with services rendered by three current directors during the third quarter of the financial year ending January 31, 2025.
The Board of Directors and Management of QPM believes that the Shares for Services Arrangement 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 Shares for Services Arrangement will be issued at a deemed price of $0.088 per share and will be subject to a four-month hold period pursuant to applicable securities regulations and the policies of the TSX Venture Exchange (the “TSXV”).
The Shares for Services Arrangement 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 Shares for Services Arrangement 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 Shares for Services Arrangement nor of the services provided in connection with the debts which are the subject of the Shares for Services Arrangement shall exceed 25% of QPM’s market capitalization.Â
Deferred shares units
The Company announces the issuance of 107,955 deferred stock units (the “DSUs”) to the Chief Executive Officer pursuant to its Deferred Share Unit Plan (the “DSU Plan”). This follows the decision that from May 1, 2022, the CEO’s salary compensation will be paid 80% in cash and the other 20% of compensation will be paid in Differed DSUs quarterly. These DSUs represent the portion for the third quarter of 2025. 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 TSXV Policy 4.4 and the Company’s security based compensation plan, and are payable in common shares of the Company, or in cash at the sole discretion of the Company, upon the holder ceasing to be an employee of the Company.
About Quebec Precious Metals Corporation
QPM has a large land position in the highly prospective Eeyou Istchee James Bay territory, Quebec, near Newmont Corporation’s Éléonore gold mine. The Corporation focuses on advancing its Sakami gold project and its newly discovered, drill-ready Ninaaskuwin lithium showing on the Elmer East project. In addition, the Corporation holds a 68% interest in the Kipawa rare earths project located near Temiscaming, Quebec.
For more information please contact:
Normand Champigny
Chief Executive Officer
Tel.: 514 979-4746
nchampigny@qpmcorp.ca
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
- November 07, 2024 Quebec Precious Metals to Issue Shares in Payment of Services and Deferred Share Units
- October 31, 2024 The Cree Hunters Economic Security Board, 16 Mining & Exploration Companies Contribute $750,000 For The Reconstruction Initiative Forest Fires Fund 2023, James Bay, Quebec
- October 30, 2024 Quebec Precious Metals Intersects 22.9 m of Spodumene-Bearing Pegmatite in the First Drillhole of its Maiden Drilling Program on its 100% Owned High-Grade Lithium Ninaaskumuwin Discovery, James Bay, Quebec
- October 21, 2024 Quebec Precious Metals Begins Maiden Drilling Program on its 100% Owned High-Grade Lithium Ninaaskumuwin Discovery, Situated Near the Galaxy Project to be Acquired by Rio Tinto, James Bay, Quebec, Announces Private Placement
- September 19, 2024 Quebec Precious Metals Congratulates Harfang Exploration on its High-Grade Gold Discoveries near the Sakami Project and Provides Update on Gold and Lithium Exploration Initiatives in James Bay
- August 09, 2024 Quebec Precious Metals to Issue Shares in Payment of Services and Deferred Share Units
- July 17, 2024 Quebec Precious Metals Announces Results of Annual Shareholders Meeting, Grants Deferred Share Units and Stock Options
- June 27, 2024 Quebec Precious Metals Congratulates Ophir on its Spodumene Discovery near the Elmer East Project, James Bay, Quebec
- June 26, 2024 Quebec Precious Metals Granted Financial Support from Quebec Government for Lithium
- June 21, 2024 Quebec Precious Metals Announces Closing of Non-Brokered Private Placement
- May 31, 2024 Quebec Precious Metals Announces First Closing of a Private Placement
- May 28, 2024 Quebec Precious Metals to Issue Shares in Payment of Debts and Deferred Share Units
- April 03, 2024 Quebec Precious Metals and Harfang Exploration Jointly Identify High-Priority Gold and Lithium Drill Targets on their Sakami and Serpent-Radisson Projects, James Bay Region, Quebec
- February 29, 2024 Quebec Precious Metals Intersects 3.86 g/t Au over 8Â m and 2.37 g/t Au over 12.2Â m on its 100% owned Sakami Project