Questcorp Mining Closes First Tranche of Private Placement

Core Viewpoint - Questcorp Mining Inc. has successfully closed the first tranche of its non-brokered private placement, raising gross proceeds of $2,100,050 through the issuance of 14,000,334 units at a price of $0.15 per unit [1][2]. Group 1: Offering Details - Each unit consists of one common share and one-half of a share purchase warrant, with each whole warrant allowing the purchase of an additional common share at $0.20 until October 24, 2027 [1]. - A portion of the units, representing $2,000,000, will be held under a sharing agreement with Sorbie Bornholm LP, which allows for potential additional proceeds based on the settlement price exceeding a benchmark price of $0.1949 [3]. - The offering was conducted under the Listed Issuer Financing Exemption, meaning the units are not subject to statutory hold periods [4]. Group 2: Use of Proceeds - The proceeds from the offering will be used for ongoing exploration and drilling at the La Union Gold and Silver Project, upcoming exploration at the North Island Copper Property, and for general working capital [2]. Group 3: Future Plans - The company plans to complete a further tranche of the offering for up to 9,333,000 additional units, aiming for total gross proceeds of $3,500,000 [5]. - The remaining units will be offered under the Accredited Investor Exemption, which will impose a four-month resale restriction on the securities [5]. Group 4: Company Overview - Questcorp Mining Inc. focuses on the acquisition and exploration of mineral properties in North America, with interests in the North Island Copper Property and the La Union Project [6].