Q2 Metals Closes First Tranche of Private Placement

Q2 Metals Corp. announced the closure of the first tranche of its non-brokered private placement of units. The company raised $400,000 by issuing 1,142,857 flow-through units at $0.35 per unit. Each flow-through unit includes one common share and half of one share purchase warrant, allowing holders to buy an additional share at $0.50 within two years.

Additionally, Q2 Metals raised $2,130,000 by issuing 8,519,998 non-flow-through units at $0.25 per unit. Proceeds from flow-through units will fund Canadian exploration expenses related to the company's lithium projects in Quebec. The proceeds from the non-flow-through units will support general working capital needs.

The securities issued in this tranche are subject to a hold period expiring December 1, 2024. Aggregate finder's fees of $23,175 and 57,600 broker warrants were paid to arm's length finders. The offering remains contingent on TSX Venture Exchange acceptance.