Quest Uranium Announces New $1.5 Million Private Placementadmin
Quest Uranium Corporation announces that it intends to effect a private placement in a maximum amount of $1.5 million by issuing a maximum of 6,181,181 units at a price of $0.22 per unit. Each unit will be comprised of one common share and one-half of a common share purchase warrant. Each full warrant will entitle the holder to acquire one additional common share of Quest at a price of $0.40 for a period of one year following the closing of the private placement.
It is expected that the units will be subscribed for primarily by “accredited investors” in the United States.
The proceeds from the private placement will be used for exploration on and adjacent to the Quest’s Strange Lake Rare Element deposit and for working capital purposes.
There are currently 28,251,739 common shares of Quest issued and outstanding. The shares and warrants to be issued in the private placements will be subject to a four-month “hold period” under applicable securities legislation.