THUNDER BAY, ONTARIO--(Marketwire - Jan 24, 2013) - QRS Capital Corp. (TSX VENTURE:QRS)(3QR.F) ("QRS" or the "Company") announces that it has obtained unsecured loans (collectively, the "Loans") from two arm''s length parties in the aggregate amount of US$500,000.
Each of the Loans is evidenced by a promissory note and is for a term of one year maturing on January 21, 2014. Interest will accrue on the Loans at a rate of 5% per annum and is payable on maturity. The Company may, in its sole discretion, prepay the Loans, at any time, by paying all or any part of the principal amount of the Loans, plus any and all accrued and unpaid interest.
As additional consideration for the Loans, the Company has agreed to issue to the lenders an aggregate amount of 1,324,400 common shares of the Company (the "Bonus Shares") subject to the approval of the TSX Venture Exchange. The Bonus Shares will be subject to a 4-month hold period from the date of issue pursuant to applicable Canadian securities laws.
The Company intends to use the proceeds of the Loans to meet near-term commitments as they become due and to give the Company the time required to raise additional capital once market conditions have improved.
About QRS Capital Corp.
QRS is a mineral exploration company focused on exploration and development stage copper and gold targets in South America, particularly in Chile, Peru, and Mexico.
ON BEHALF OF THE BOARD OF DIRECTORS
John Seaman, Chairman & CEO
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about future objectives, anticipated developments, levels of debt, financial commitments, capital investment levels and the allocation thereof, and interest rates. Forward-looking information is 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 information, including the risks identified in the Company''s disclosure documents. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.