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Queen's Road Capital Announces Private Placement for up to C$100 Million
https://www.newsfilecorp.com/release/112966
Hong Kong, Hong Kong--(Newsfile Corp. - February 7, 2022) - Queen's Road Capital Investment Ltd. (TSXV: QRC) (the "Company", "Queen's Road Capital" or "QRC") is pleased to announce that it is undertaking a non-brokered private placement to raise up to C$100 million at a share price of C$0.64. Proceeds from the private placement will be used to fund additional investments in accordance with the Company's investment policy.
The Company's six largest shareholders, representing 81.7% of the current shares outstanding, have agreed to participate in the private placement, committing a combined C$80 million as follows:
Corom Pty Ltd | C$25,000,000 |
Wyloo Metals Pty Ltd | C$25,000,000 |
BBRC International Pte Ltd | C$15,000,000 |
Warren Gilman | C$5,000,000 |
Bonython Property and Investments Pty Ltd | C$5,000,000 |
Washington H. Soul Pattinson & Company Ltd. | C$5,000,000 |
Total Committed | C$80,000,000 |
Warren Gilman, Chairman & CEO, stated: "The support of our largest shareholders in this placement mirrors their participation in QRC's original placement two years ago and demonstrates their individual confidence in QRC's business strategy, their recognition of QRC's execution to date and their commitment to QRC's growth objectives for the future. I encourage all our existing shareholders and new interested investors to participate as well."
In addition to the C$80 million being raised from the six shareholders named above (in respect of which no finder's fee will be paid), the Company may raise up to C$20 million from other investors and may pay finders' fees in connection with such additional subscriptions. All of QRC's directors and officers have committed to participate in the financing. Closing will occur as soon as practical following receipt of TSX Venture Exchange approval.