| | January 22, 2008
Quinto Mining Corporation Closes $7,270,250 Private Placement
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| | Vancouver, BC, January 22, 2008 -- Quinto Mining Corporation (TSX-V:QU) (the "Company") is pleased to announce that further to its news release of December 20, 2007, as amended December 24, 2007, it has now completed its non-brokered private placement and accordingly has issued 11,185,000 units of the Company at a price of $0.65 per unit for gross proceeds to the Company of $7,270,250. Consolidated Thompson Iron Mines and Aberdeen International have each purchased 5 million units.
Each unit is comprised of one common share and one-half of one common share purchase warrant. Each whole warrant expires on January 10, 2010, and entitles the holder to subscribe for one additional common share of the Company at a price of $1.00.
In connection with this financing, the Company paid a finder's fee of $508,917.50 and 1,118,500 compensation options. Each compensation option expires on January 10, 2010, and is exercisable into one unit at a price of $0.65 per unit. These units are on the same terms as the units sold under the offering.
All securities issued pursuant to this private placement are subject to a four month hold period that expires on May 11, 2008.
THE SECURITIES ISSUED WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO OR FOR THE ACCOUNT OR BENEFIT OF U.S. PERSONS ABSENT REGISTRATION OR AN APPLICABLE EXEMPTION FROM U.S. REGISTRATION REQUIREMENTS. THIS PRESS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICIATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THE SECURITIES IN ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL.
About the Company
Quinto Mining Corporation (QU) is a junior mining exploration company with two advanced projects in the Province of Quebec. The Peppler Lake Iron Ore project is located in the Mount-Wright region of North Central, Quebec, approximately half way between the mining towns of Gagnon and Fermont. The Lac Gueret graphite project is located 300 km North Northwest of Baie Comeau along the Southwest shore of Reservoir Manicouagan. Further information is available at www.quintomining.com
For further information please contact:
Frank Chaid:
(604) 952-0900
quinto@dccnet.com
www.quintomining.com
ON BEHALF OF THE BOARD OF DIRECTORS OF
QUINTO MINING CORPORATION
_____________________________
Tyrone Docherty
President
Forward Looking Information
Certain information regarding the Company set forth in this press release, including the use of proceeds, and management's assessment of the Company's future plans and operations contain forward looking information that involve substantial known and unknown risks and uncertainties. The forward looking information is subject to numerous risks and uncertainties, some of which are beyond the Company's and management's control, including but not limited to, the impact of general economic conditions, industry conditions, fluctuation of commodity prices, fluctuation of foreign exchange rates, imperfection of reserve estimates, environmental risks, industry competition, availability of qualified personnel and management, stock market volatility, timely and cost effective access to sufficient capital from internal and external sources. The Company's actual results, performance or achievement could differ materially from those expressed in or implied by, the forward looking information and accordingly, no assurance can be given that any of the events anticipated to occur or transpire form the forward looking information will provide any benefits to the Company.
THIS PRESS RELEASE WAS PREPARED BY MANAGEMENT WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE |
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| | You can view the Next News Releases item: Tue Feb 5, 2008, Quinto receives updated NI 43-101 report increasing tonnage by 20% at Peppler Lake Lamelee deposit expected to exceed Peppler Lake in size and grade
You can view the Previous News Releases item: Thu Dec 20, 2007, Quinto Mining To Raise $6.6 Million In Private Placement Financing
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