QNB Metals Closes a $42,500 Second Tranche of its Private Placement

MONTREAL, Oct. 16, 2023 /CNW/ - QNB Metals Inc. ("QNB" or the "Corporation") (CNSX:TIM-X.CN) announces that it has closed a second tranche of $42,500 (the "Second Tranche") of its previously announced private placement of up to 5,000,000 units of the Corporation (each, a "Unit") at a price of $0.05 per Unit for aggregate gross proceeds of up to $250,000 (the "Private Placement"). Each Unit consists of one common share in the capital of the Corporation (each, a "Share") and one Share purchase warrant (each, a "Warrant"), with each whole Warrant exercisable into one Share at an exercise price of $0.40 until the date that is 24 months following the closing of the Private Placement. An aggregate of 850,000 Units was issued under the Second Tranche.