Alamos Gold announces closing of Quartz Mountain project sale

Alamos Gold (AGI) announced the closing of the previously announced transaction to sell its option to earn 100% interest in the Quartz Mountain Gold Project to Q-Gold Resources for total consideration of up to $21M, as well as an equity interest in Q-Gold. On closing, Alamos received $2.85M in cash and was issued 13,924,702 common shares of Q-Gold, representing 9.99% of the issued and outstanding common shares of Q-Gold. The remaining consideration of up to $18.15M will be payable in cash or common shares of Q-Gold, at Alamos’ election, and is comprised of $8.15M of guaranteed payments to be paid over three years, and $10M of milestone payments.