Q2 Metals Corp (TSXV:QTWO)(OTCQB:QUEXF)(FSE:458) has announced that it closed the first tranche of its non-brokered private placement on August 2, 2024. Under this tranche, Q2 issued 1,142,857 flow-through units at $0.35 per unit for gross proceeds of $400,000 and 8,519,998 non-flow-through units at $0.25 per unit, totaling $2,130,000. Each flow-through unit consists of one flow-through common share and half of a share purchase warrant. Each warrant allows the acquisition of an additional non-flow-through common share at $0.50 for two years.

Q2 Metals Private Placement Details

The gross proceeds from the flow-through units will be allocated to Canadian exploration expenses on Q2’s lithium projects. This includes expenses that qualify as flow-through critical mineral mining expenditures under the Income Tax Act (Canada). The company will renounce these expenditures to subscribers by December 31, 2024. Non-flow-through unit proceeds will be used for general working capital.

Regulatory and Hold Period Information

The securities from this tranche are subject to a hold period expiring on December 1, 2024, according to applicable securities laws. Aggregate finders’ fees of $23,175 and 57,600 broker warrants were issued to external finders, with each broker warrant mirroring the terms of the warrants.

Second Tranche and Future Plans

The closing of the charity flow-through unit portion is anticipated around August 8, 2024. The entire offering is subject to TSX Venture Exchange acceptance. Q2 Metals may also pay additional finders’ fees per TSXV policies.

About Q2 Metals Corp

Q2 Metals Corp is a Canadian mineral exploration company focusing on its lithium projects in the Eeyou Istchee James Bay region, Quebec. Its portfolio includes the Mia Lithium Property and the Cisco Lithium Property. The Cisco property, 150 km north of Matagami, comprises 222 mineral claims over 11,374 ha, holding district-scale potential. Q2 is advancing exploration at its 8,668-ha Mia lithium property, focusing on the 10-kilometre-long Mia trend.

Contact Information

Alicia Milne
President & CEO
Alicia@Q2Metals.com

Jason McBride
Corporate Communications
Jason@Q2Metals.com

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