Questcorp Mining Inc. (CSE: QQQ,OTC:QQCMF) (OTCQB: QQCMF) (FSE: D910) (the ‘Company’ or ‘Questcorp’) announces that it has revised the terms of its previously announced non-brokered private placement (the ‘Offering’). The Company will now offer up to 7,500,000 units (each, an ‘AI Unit’) at a price of $0.20 per AI Unit for gross proceeds of up to $1,500,000 pursuant to the accredited investor exemption (the ‘Accredited Investor Exemption’) under Section 2.3 of National Instrument 45-106 – Prospectus Exemptions (‘NI 45-106’). In addition, the Company will also offer up to 11,111,112 units (each, a ‘LIFE Unit’) at a price of $0.18 per LIFE Unit for gross proceeds of up to $2,000,000 pursuant to the listed issuer financing exemption under Part 5A of NI- 45-106 (the ‘Listed Issuer Financing Exemption’).

Each AI Unit will consist of one common share of the Company (each, a ‘Share‘) and one-half-of-one share purchase warrant (each whole warrant, an ‘AI Warrant‘). Each AI Warrant will entitle the holder to acquire an additional common share of the Company at a price of $0.30 for a period of twenty-four months following closing of the Offering, subject to accelerated expiry in the event the closing price of the Shares is $0.50 or higher for ten consecutive trading days.

Each LIFE Unit will consist of one Share and one-half-of-one share purchase warrant (each whole warrant, an ‘LIFE Warrant‘). Each LIFE Warrant will entitle the holder to acquire an additional common share of the Company at a price of $0.24 for a period of twenty-four months following closing of the Offering.

The Company expects to utilize the proceeds of the Offering for advancement of ongoing exploration and drill work at the La Union Gold and Silver Project, upcoming exploration work at the North Island Copper Property, and for general working capital purposes. The Company anticipates that UK-based institutional investor, Sorbie Bornholm LP, will participate in a portion of the Offering.

There is an offering document related to the Offering that will be made available under the Company’s profile on SEDAR+ at www.sedarplus.ca and on the Company’s website at: www.questcorpmining.ca. Prospective investors should read this offering document before making an investment decision.

In connection with completion of the Offering, the Company will pay finders’ fees to eligible third-parties who have introduced subscribers to the Offering. All securities issued in connection with the Accredited Investor Exemption will be subject to restrictions on resale for a period of four-months-and-one-day in accordance with applicable securities laws. All securities issued in connection with the Listed Issuer Financing Exemption will not be subject to a hold period. Completion of the Offering remains subject to receipt of regulatory approvals.

About Questcorp Mining Inc.

Questcorp Mining Inc. is engaged in the business of the acquisition and exploration of mineral properties in North America, with the objective of locating and developing economic precious and base metals properties of merit. The Company holds an option to acquire an undivided 100% interest in and to mineral claims totaling 1,168.09 hectares comprising the North Island Copper Property, on Vancouver Island, British Columbia, subject to a royalty obligation. The Company also holds an option to acquire an undivided 100% interest in and to mineral claims totaling 2,520.2 hectares comprising the La Union Project located in Sonora, Mexico, subject to a royalty obligation.

Contact Information

Questcorp Mining Corp.

Saf Dhillon, President & CEO

This news release includes certain ‘forward-looking statements’ under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the intended use of proceeds from the Offering. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: the ability of Riverside to secure geophysical contractors to undertake orientation surveys and follow up detailed survey to confirm and enhance the drill targets as contemplated or at all, general business, economic, competitive, political and social uncertainties, uncertain capital markets; and delay or failure to receive board or regulatory approvals. There can be no assurance that the geophysical surveys will be completed as contemplated or at all and that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/269182