Quebec Precious Metals Closes Second and Final Tranche of $1.4 M Private Placement, Announces Results of Annual Shareholders Meeting, Appoints Geneviève Ayotte as director

MONTREAL, QC / ACCESSWIRE / July 28, 2023 / Quebec Precious Metals Corporation (TSXV:QPM)(FSE:YXEP)(OTCQB:CJCFF) ("QPM" or the "Corporation") is pleased to announce that, in connection with its previously announced non-brokered private placement offering (the "Offering"), the Corporation closed the second tranche of the Offering for an amount of $ 594,000. The second tranche consists of 3,712,500 charity flow-through common shares (the "CFT Shares") at a price of $0.16 per CFT Share. A total of 2,200,000 Common Shares were acquired by Société de développement de la Baie-James in the context of the structured charity flow-through share financing.

In total, including the first tranche which closed on July 12, 2023 and the second tranche of the Offering, the Company has issued 10,866,873 common shares for gross proceeds of $1,378,575.06

"The completion of this financing allows us to focus on 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", commented Normand Champigny, CEO.

The net proceeds received by the Corporation from the sale of the CFT Shares will be used for exploration expenditures on the Corporation's projects located in the Province of Québec. More specifically, the gross proceeds from the issuance of the 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. For 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).