Q Precious & Battery Metals Corp. Clarifies Proposed Matane Hydrogen Project Acquisition and Strategic Collaboration Agreement with Quebec Innovative Materials Corp.
FOR IMMEDIATE RELEASE
Q Precious & Battery Metals Corp. Clarifies Proposed Matane Hydrogen Project Acquisition and Strategic Collaboration Agreement with Quebec Innovative Materials Corp.
Vancouver, British Columbia – February 3, 2025 – Q Precious & Battery Metals Corp. (“QMET” or the “Company”), is pleased to announce that it has entered into an amended and restated acquisition agreement (as amended the “Revised Agreement”) amending and restating its acquisition agreement (the “Original Agreement”) with the beneficial owners of the Matane Hydrogen Project. The Company is also clarifying the terms of the strategic collaboration agreement (the “Collaboration Agreement”) with Quebec Innovative Materials Corp. (“QIMC”) See press release dated January 30, 2025.
Under the terms of the Revised Agreement the Company is required to may a non-refundable $25,000 payment to Zadkiel Holdings Inc. and issue 6,000,000 common shares to the Sellers in exchange for the Matane Hydrogen Project. In addition, QMET has granted the Sellers a 1.2% royalty on revenues from the sale of any hydrogen or other minerals on the property (the “Sellers’ Royalty”). 50% of the Sellers’ Royalty may be purchased for $1,200,000. The Sellers’ Royalty, and any proceeds from a buyout of the Seller’s Royalty is split pro-rata between the Sellers based on their proportional interest in the Revised Agreement.
Under the terms of the Collaboration Agreement, the Company is required to issue 4,000,000 common shares to QIMC and has granted QIMC an 0.80% royalty on revenues from the sale of any hydrogen or other minerals on the property (the “QIMC Royalty”). 50% of the QIMC Royalty may be purchased for $800,000.
With the exception of the payment to Zadkiel Holdings Inc., closing of the Acquisition Agreement and Collaboration Agreement are subject to the completion of a private placement financing of common shares, warrants or a combination of both for gross proceeds of a minimum $500,000 (the “PP Financing”). This condition is for the sole benefit QMET and waivable by QMET in its sole discretion. Both transactions are subject to approval of the CSE.
The Sellers and QIMC are arms-length to the Company. The securities issued will be subject to a four month and one day hold from the date of issuance.
On behalf of the Board of Directors
Richard Penn CEO (778) 384-8923
About Q Precious & Battery Metals Corp.
Q Precious & Battery Metals Corp. is a Canadian exploration company focused on critical minerals and energy transition resources. With a commitment to innovation and sustainability, QMET is pioneering efforts to explore and develop natural hydrogen and other strategic resources in Quebec and beyond.
About Quebec Innovative Materials Corp.
Québec Innovative Materials Corp. is a mineral exploration, and development company dedicated to exploring and harnessing the potential of Quebec's abundant resources., QIMC is focused on specializing in the exploration of white (natural) hydrogen and high-grade silica deposits, QIMC is committed to sustainable practices and innovation. With a focus on environmental stewardship and cutting-edge extraction technology, we aim to unlock the full potential of these materials to drive forward clean energy solutions to power the AI and carbon-neutral economy and contribute to a more sustainable future. . QIMC is driving the future of natural hydrogen in Quebec.
Cautionary Statement
Except for statements of historic fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law including statements relating to the proposed acquisition of the Matane Property, a proposed financing, collaboration with QIMC, to potential for hydrogen reserves to exist on the Matane Property, and future exploration activities on the Matane Property. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE, failure to close the acquisition agreement, failure to complete the financing, failures to collaborate effectively with QIMC or at all, failure to finance or otherwise conduct planned exploration on the Matane Property, defaults in title, environmental, governmental or other regulatory issues and aboriginal land claims. There are uncertainties inherent in forward-looking information, including factors beyond the Company’s control. There are no assurances that the business plans for the Company as described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company’s filings with Canadian securities regulators, which are available at www.sedarplus.ca.