Quebec Precious Metals Announces Private Placement

MONTREAL, QC / ACCESSWIRE / June 27, 2023 / Quebec Precious Metals Corporation (TSXV:QPM)(FSE:YXEP)(OTCQB:CJCFF) ("QPM" or the "Corporation") is pleased to announce a non-brokered private placement offering (the "Offering") of up to 7,050,000 common shares (the "Hard Shares") at a price of $0.085 per Hard Share, up to 4,000,000 flow-through common shares (the "FT Shares") at a price of $0.15 per FT Share, and up to 3,712,500 charity flow-through common shares (the "CFT Shares") at a price of $0.16 per CFT Share.

"We are pleased with the level of support received to date for the Offering, which will allow to fund our 2023 exploration program in James Bay: drilling for gold at Sakami and perform field follow-up on the best targets identified from the lithium potential study that is being finalized by ALS GoldSpot. We are looking forward to very positive news the remainder of 2023. We appreciate the support from our shareholders and look forward to making important discoveries at one of Canada's leading gold and lithium districts.", commented Normand Champigny, CEO.

The net proceeds from the sale of the Hard Shares will be used by the Corporation for general corporate and working capital purposes. The net proceeds received by the Corporation from the sale of the FT Shares will be used for exploration expenditures on the Corporation's projects located in the Province of Québec.

The gross proceeds from the issuance of the FT Shares and CFT Shares will be used for Canadian exploration expenses (as such term is defined by the Income Tax Act (Canada)) which, once renounced, will qualify as "flow-through critical mineral mining expenditure", as defined in subsection 127(9) of the Income Tax Act (Canada) (the "Qualifying Expenditures"), which will be incurred on or before December 31, 2024 and renounced to the subscribers with an effective date no later than December 31, 2023. This applies to a Québec resident subscriber who is an eligible individual under the Taxation Act (Quebec), which qualifies (i) as an expense for inclusion in the "exploration base relating to certain Québec exploration expenses" within the meaning of section 726.4.10 of the Taxation Act (Quebec), and (ii) as an expense for inclusion in the "exploration base relating to certain Québec surface mining expenses or oil and gas exploration expenses" within the meaning of section 726.4.17.2 of the Taxation Act (Quebec).