Q-Gold Announces Private Placement Financing SEC 12g 3-2(b) Exemption # 82-4931
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 PRIVATE PLACEMENT FINANCING
SEC 12g 3-2(b) Exemption # 82-4931
Fort Frances, Ontario, February 19, 2010 – Q-Gold Resources Ltd. (TSX VENTURE: QGR) (http://www.qgoldresources.com) is pleased to announce that it intends to complete a nonbrokered private placement for aggregate gross proceeds of up to $300,000 (the "Offering").
The Offering will consist of the issuance of up to 1,200,000 units (the "Units") in the capital of Q-Gold at a price of $0.25 per Unit. Each Unit consists of one common share and one-half of a common share purchase warrant (the "Warrant"). Each whole Warrant will entitle the holder to acquire one additional common share at an exercise price of $0.30 for a period of 24 months from issuance.
All securities issued in connection with the Offering will be subject to a four month restriction from resale as stipulated under applicable securities legislation and the TSX Venture Exchange (the “Exchange”).
Closing of the Offering is subject to all regulatory approvals, including those of the Exchange.
Proceeds from the Offering will be used by Q-Gold for continued gold exploration in the Company’s Foley Gold Mine Complex, located in the historic (1890’s) gold camps at Mine Centre, Ontario, and Crown King, 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 29,000 acres of Ontario holdings in the historic Gold Camp at Mine Centre, including 5 historic gold mines. In addition, the Corporation holds options on seven historic gold and silver mines in the historic Arizona gold camp of Crown King, and two prospective copper porphyries and one copper / zinc prospect in Arizona.
For all future Q-Gold investor relations needs, investors are asked to visit the Q-Gold IR Hub at http://www.agoracom.com/IR/Q- Gold where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to email all questions and correspondence to [email protected] where they can also request addition to the investor email list to receive all future press releases and updates in real time.
The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially form the Company’s expectations and projections. 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
Corporate Inquiries Investor Relations
Q-Gold Resources Ltd. AGORACOM Investor Relations J. Bruce Carruthers II, President http://www.agoracom.com/IR/Q-Gold 1-888-779-0166 [email protected] http://www.qgoldresources.com