Quia Resources Announces Closing of Second Tranche of Private

Quia Resources Announces Closing of Second Tranche of Private
Placement 
TORONTO, ONTARIO -- (Marketwire) -- 11/01/12 -- Quia Resources Inc.
(TSX VENTURE:QIA) ("Quia" or the "Company") announced today that it
closed the second tranche of a non-brokered private placement (the
"Offering") (in cash and debt conversions) consisting of 13,516,346
units ("Units") and 1,280,000 common shares ("Common Shares") for
aggregate gross proceeds of $739,967.30. This second tranch closing
includes the settlement of debt in the amount of $317,077.30 for
5,061,546 Units to unrelated parties and 1,280,000 Common Shares
issued to insiders and related parties. Combined with the first
tranche closed on October 25, 2012 (see Quia's press release of
October 26, 2012), this brings the total gross proceeds closed under
the non-brokered private placement to $1,000,000.35. 
Each Unit consists of one (1) common share of the Company (a "Common
Share") and one half (1/2) of one warrant ("Warrant"). Each full
Warrant entitles the holder to acquire one common share of the
Company at a price of $0.10 per Common Share for a period of 18
months from the closing date. The term of the Warrants is subject to
an acceleration right at the option of the Company, provided that the
common shares of the Company trade at or above $0.25 for a full 20
consecutive trading days after March 1, 2013 and the Company has
provided Warrant holders with 30 days prior written notice of the
accelerated Warrant exercise date. The securities are subject to a
four month hold period expiring March 1, 2013.  
Yannis Banks, Quia's CEO, said: "We're very pleased to have closed on
this initial amount despite the trying market conditions. We thank
our subscribers for their continued commitment to Quia and the San
Lucas project and are particularly pleased to have the continued
support of our largest shareholders." 
Pursuant to the private placement, Mineros S.A. ("Mineros"), of
Medellin Colombia, acquired ownership and control over 4,000,000
Units for an aggregate purchase price of CDN$200,000 representing
4,000,000 common shares and 2,000,000 whole warrants. Prior to this
acquisition of Units, Mineros owned 9,320,000 common shares and
3,350,000 whole warrants. Immediately following the acquisition of
the Units, Mineros exe
rcises ownership and control over a total of
13,320,000 common shares representing approximately 12.62% of Quia's
outstanding common shares, on an undiluted basis, and approximately
16.84% assuming if only Mineros exercises its 5,350,000 whole
warrants. Mineros is a Colombia-based gold producer. 
Included in the debt conversions were conversions by certain insiders
and related parties of outstanding fees, being $15,000 converted by
2222263 Ontario Inc., $5,000 converted by Iain Kelso, and $24,000
converted by Rick Brown, $10,000 converted by Cavalry Corporate
Solutions, and $10,000 converted by Foundation Opportunities Inc. No
warrants were issued pursuant to conversions by insiders and related
parties. 
The proceeds of the Offering will be used to fund exploration at the
Company's San Lucas property in Colombia, pursue acquisitions and for
general working capital purposes. 
About Quia Resources Inc. 
Quia Resources is a gold exploration Company focused in Colombia and
its 100%-owned San Lucas property in the San Lucas gold belt. The San
Lucas gold belt is among the least explored and most prospective gold
belts in Colombia. Quia is an early-mover into this belt and has
established a key property position and a strong base of technical
knowledge in the area. 
Forward-Looking Statements  
This press release contains or refers to forward-looking information,
including statements regarding proposed use of proceeds of the
Offering, and is based on current expectations that involve a number
of business risks and uncertainties. Factors that could cause actual
results to differ materially from any forward-looking statement
include, but are not limited to, delays in obtaining or failures to
obtain required governmental, environmental or other project
approvals, political risks, uncertainties relating to the
availability and costs of financing needed in the future, changes in
equity markets, inflation, changes in exchange rates, fluctuations in
commodity prices, delays in the development of projects and the other
risks involved in the mineral exploration and development industry.
Forward-looking statements are subject to significant risks and
uncertainties, and other factors that could cause actual results to
differ materially from expected results. Readers should not place
undue reliance on forward-looking statements. These forward-looking
statements are made as of the date hereof and the Company assumes no
responsibility to update them or revise them to reflect new events or
circumstances other than as required by law. 
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release. 
Contacts:
Quia Resources Inc.
Yannis Banks
Chief Executive Officer
(416) 777-6169
ybanks@quiaresources.com
 
 
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