THUNDER BAY – Business – QRS Capital Corp. (“QRS” or the “Company“) (TSX VENTURE:QRS) is pleased to announce that it has closed the second tranche of its private placement previously announced on April 11, 2013 (the “Private Placement“). The Company has raised $445,000 through the issuance of 4,450,000 Units (the “Units“) at a price of $0.10 per Unit.
Each Unit consists of one common share and one half of one common share purchase warrant (each whole warrant, a “Warrant“). Each such Warrant will entitle the holder to purchase one common share of the Company at a price of $0.20 per common share for a period of 60 months from the closing date of the Private Placement.
The closing of the second tranche brings the total raise to $685,000, of which Directors and Management of QRS have subscribed for an aggregate of $175,000 issued pursuant to the Private Placement.
Securities issued under the Offering will be subject to a four month hold period which will expire four months and one day from the date of closing date of the Private Placement. The Private Placement is subject to final acceptance by the TSX Venture Exchange and other customary conditions for a transaction of this nature.
On January 24th 2013, the Company announced that it had obtained an unsecured loans from two arm’s length parties in the aggregate amount of US$500,000. The Company is pleased to announce that it has repaid $250,000 of these loans.