Quadro Closes Private Placement
Vancouver, B.C., Dec. 31, 2021. Quadro Resources Ltd. (“Quadro” or the “Company”) (TSXV: QRO, OTCQB: QDROF, FRA: G4O2) is pleased to announce that it has closed a private placement financing of Hard Dollar Units and Flow-Through Units, for total gross proceeds of $456,200.
The Company closed on 3,660,000 Units for gross proceeds of $183,000 (the “Units”), each Unit priced at $0.05 and consisting of 1 common share of the Company and 1 common share purchase warrant (the “Unit Warrants”), each Unit Warrant being exercisable for an additional common share of the Company at $0.10 for 24 months from closing.
The Company also closed on 4,553,333 flow-through units for gross proceeds of $273,200 (the “FT Units”), each FT Unit priced at $0.06 and consisting of 1 flow-through share and 1 common share purchase warrant (the “FT Unit Warrants”), each full FT Unit Warrant being exercisable at $0.12 for a common share of the Company for 24 months.
In accordance with the policies of the TSX Venture Exchange, cash finders’ fees totaling $18,860 will be paid.
All securities issued pursuant to this financing are subject to a 4 month-plus-one-day hold, expiring May 1, 2022.
Proceeds from the financing will be used to explore and develop the Company’s Staghorn, Long Lake, Tulks South, and Careless Cove properties and for working capital purposes. (See the news release dated November 18, 2021).
About Quadro Resources – Quadro is a publicly traded mineral exploration company. It is led by an experienced and successful management team and is focused on exploring for gold in North America. The Company’s shares trade on the TSX Venture Exchange under the symbol “QRO”. Quadro owns a 100% interest in the Staghorn property, has an option to earn a 100% interest in the Long Lake and Careless Cove properties, and has an option to earn an initial 51% interest in the Tulks South Property, in Newfoundland.
On behalf of the board of directors,
Quadro Resources Ltd.
“T. Barry Coughlan”
President and CEO
Tel (604) 644-9561
"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.