Quadro Increases Financing Appoints Director
Vancouver, B.C. June 30, 2017. Quadro Resources Ltd. (“Quadro” or the “Company”) (NEX QRO.H) announces that further to its news releases dated June 7, 2017 and June 14, 2017 the Company will be increasing its previously announced $1 million financing, to a maximum of $2 million (the “Financing”). The Financing consists of (i) up to $500,000 of non- flow through units (“Units”) at a price of $0.10 per unit (post Consolidation), each unit consisting of one common share and one warrant exercisable at $0.15 for a term of eighteen months subject to acceleration if the shares of Quadro trade at $0.45 or greater for 10 consecutive trading days; and
(ii) up to $1,500,000 of flow through units (“FT Units”) at $0.10 per FT Unit (post Consolidation), each FT Unit consisting of one flow-through share and one half of a common share purchase warrant, each full warrant exercisable at $0.20 for a term of eighteen months subject to acceleration if the shares of Quadro trade at $0.45 or greater for 10 consecutive trading days.
On June 28, 2017 the Company received approval from the TSX Venture Exchange for its 2:1 share consolidation (see the Company’s news release of June 7, 2017 for details), with an effective date of July 4, 2017.
The Company is also pleased to announce that the Board of Directors has appointed Trevor Thomas as a director of the Company. Trevor has practiced in the areas of corporate commercial, corporate finance, securities, and mining law since 1995, both in the private practice environment as well as in-house positions and is currently general counsel for Hunter Dickinson Inc. Prior to joining Hunter Dickinson Inc. he served as in-house legal counsel with Placer Dome Inc.
Closing of the Financing is subject to the TSXV acceptance.
ON BEHALF OF THE BOARD OF DIRECTORS
T. Barry Coughlan, CEO
"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." The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward- looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections.”
For more information on the Company, interested parties should review the Company's filings that are available at www.sedar.com.