Q-Gold Announces Closing of Private Placement Financing
Q-GOLD RESOURCES LTD. c/o Mineral Creek Resources Inc. Bank of America Building Suite 508, 121 East Birch Avenue Flagstaff, Arizona 86001 Ph: (928) 779-0166/ Fax: 779-0107 www.QGoldResources.com
Q-GOLD ANNOUNCES CLOSING OF PRIVATE PLACEMENT FINANCING
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
Vancouver, British Columbia, May 24, 2011 – Q-Gold Resources Ltd. (the "Company") (TSX VENTURE: QGR) (http://www.qgoldresources.com) is pleased to announce that further to its news release dated April 27, 2011, it has completed a non-brokered private placement of 5,500,000 units at a price of $0.10 per unit for gross proceeds of $550,000 (the "Offering").
Each unit consists of one common share and one non-transferable common share purchase warrant of the Company. Each warrant will entitle the holder to acquire one common share of the Company at a price of $0.12 per common share until May 24, 2013.
The Company issued to finders under the private placement a total of 288,000 common share purchase warrants to purchase up to 288,000 common shares at a price of $0.12 per common share for a period of two years. In addition, the Company paid cash commissions to finders totalling $28,800.
The common shares and warrants issued pursuant to the private placement and any common shares issued on exercise of the warrants are subject to four-month resale restriction that expires on September 25, 2011.
The proceeds raised will be used for continued gold and silver exploration on the Issuer's properties at the mine centre in Ontario and Crown King in Arizona and for general corporate purposes..
About Q-Gold Resources Ltd.
Q-Gold is a Canadian-based mineral exploration company currently exploring for precious and base metals on its Ontario holdings in the historic Gold Camp at Mine Centre, including 5 historic gold mines. In addition, the Corporation holds options on historic gold and silver mines in the historic Arizona gold camp of Crown King, and copper prospects in eastern and western Arizona.
Neither the 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.
Contact Information:
J. Bruce Carruthers II, Chairman at 1-888-779-0166 or [email protected], Website: http://www.qgoldresources.com