The argument looks invalid.
Counterexample in natural language:
Look at this being, call it Purrty: http://thumbs.dreamstime.com/z/cat-1092150.jpg
Then consider three statements, $P$: Purrty is a cat. $Q$: Purrty is a dog. $R$: Purrty is a canine.
Clearly $Q$ implies not $P$ and $Q$ implies $R$.
Also clear is that $P$ or $Q$, since Purrty is a cat, so Purrty is a cat or a dog. This does not imply Purrty is a canine ($R$) (since it isn't) even though all three statements are assumed true.
Counterexample in mathematics:
Suppose for example we have three sets $A$, $B$ and $C$.
Then let $P$ be the statement $x\in A$ and $Q$ the statement $x\in B$ and $R$ be the statement $x \in C$.
Then $P$ or $Q$ is the statement $x \in A\cup B$.
$Q$ implies not $P$ is the statement $A$ and $B$ are disjoint.
$Q$ implies $R$ is the statement $B\subseteq C$.
But we can easily construct sets that all these are true, and yet $R$ isn't.
e.g. $A = (1,2)$, $B = (4,5)$ and $C=(3,5)$. We see that the second and third statements are true.
Now take $x=1.5$. Then $x \in (1,2) \cup (4,5)$. So $P$ or $Q$ is true. We also know $A$ and $B$ are disjoint (so $Q$ implies not $P$ is true) and $B \subseteq C$, so $Q$ implies $R$ is true). This however, does not imply $x \in (3,5)$ ($R$).
Since this argument does not result in true conclusions everytime we give it true premises, it is invalid.
Edit: A good way to see it logically is via the truth table as mentioned in the comments.