Carolina Capital Corp. (CQC-P.V) announced the completion of its qualifying transaction with arm's length vendors Qualitas Holdings Corp. and Mike Magrum. The company has been granted an option to acquire a 100% interest in the vendors' GP Project by incurring exploration expenditures totaling $100,000 over two years. Additionally, Carolina must make cash payments to the vendors totaling $25,000 and issue 700,000 shares (200,000 first year) over the two year option term.
The company also announced the concurrent completion of a non-brokered private placement, issuing an aggregate of 4,950,000 units at a price of $0.10 per unit for gross proceeds of $495,000.
The proceeds of the private placement will be used to pay the balance of costs to complete the qualifying transaction, to make option payments to the vendors, and to finance the company's exploration program on the GP Project.
Effective at market open on Tuesday, March 26, 2013, the company expects to resume trading under the trading symbol CQC.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
