NQ Exploration Inc. is a mining exploration company with a solid portfolio of 15 mining properties in the James Bay and Abitibi regions of Quebec. NQ Exploration Inc. is betting on Quebec’s excellent mineral potential and favourable investment climate to produce new world-class gold, base metal and uranium deposits.
NQ Exploration to sell three Quebec properties to CHS Resources
10th Feb 2011, 10:58 am
NQ Exploration (CVE:NQE) said Thursday it has agreed to sell its Eastmain Nord, Conviac and Aylmer properties in Quebec to Toronto-based CHS Resources in an all-share deal.
In exchange for the properties, NQ Exploration will receive roughly 7.6 million shares of CHS, for an approximate 36% stake in the company. NQ will also initially have one of four seats on CHS' board of directors, which will be later increased to two seats of five following the annual shareholder meeting.
CHS will be looking to raise financing to carry out exploration programs on the three properties, for which NQ will remain manager. Exploration work will start on the Eastmain Nord property, where a survey will be completed over an area 13km x 4km.
After CHS' financing is completed, it is expected that NQ's stake in the company will be diluted to just below 23%, it said.
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