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QMX Gold Closes $17.5 Million Bridge Financing With Third Eye Capital

November 13, 2012, 08:00 AM

QMX Gold received a commitment for a fully secured bridge financing from Third Eye Capital, a special situations investor based in Toronto, Canada with established expertise in complex secured lending.

The financing consists of a senior, secured note with a face value of $17.5 million and net proceeds to QMX Gold of $15.5 million. The financing is for a one year term and QMX Gold will be required to pay cash interest payments starting seven months from the closing of the facility at a rate of US$250,000 per month. In addition to the interest payments, QMX Gold will grant Third Eye Capital 2,900,000 warrants to acquire common shares of the Company at an exercise price of $0.27.

QMX Gold Corporation is a Canadian publicly traded mining company focusing on mine development and exploration in Quebec and Manitoba.

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