Q2 Metals Completes Second Tranche of Private Placement

Q2 Metals Corp. (TSXV:QTWO, OTCQB:QUEXF, FSE:458) has closed the second and final tranche of its non-brokered private placement. This second tranche, announced on July 10 and updated on July 11, 2024, raised gross proceeds of $4,348,480, bringing the total gross proceeds from both tranches to $6,880,369.

In this tranche, Q2 Metals issued 8,506,315 charity flow-through units at $0.475 per unit, totalling gross proceeds of $4,040,500. Each unit consists of one flow-through common share and one half of a share purchase warrant. Additionally, the company issued 1,200,000 non-flow-through units at $0.25 per unit and 22,800 flow-through units at $0.35 per unit.

The proceeds will be used to incur Canadian exploration expenses on Q2’s lithium projects in Quebec. These expenses will be renounced to subscribers effective no later than December 31, 2024. The securities from this tranche are subject to a hold period until December 10, 2024.