Quest Uranium Announces Final Closing of $800,000 Private Placementadmin
Quest Uranium Corporation announce that it has completed the final closing of its previously-announced private placement by issuing 5,000,000 “flow-through” common shares to accredited investors and officers and directors of Quest at a price of $0.125 per share, for gross proceeds to Quest of $625,000.
The sale of the 5,000,000 “flow-through” common shares represents the final closing of a private placement of 6,400,000 “flow-through” common shares, under which Quest has raised an aggregate amount of $800,000. This amount represents an over-subscription of 18.5% from the initial financing announcement on November 10, 2008, due to higher than anticipated demand.
Quest will use the proceeds from the private placement for exploration on its properties in eastern Canada. In connection with the private placement, Quest paid a finder’s fee to Canaccord Capital Corporation and Augen Capital Corp. for an aggregate amount of $18,000.
Under applicable securities legislation and the policies of the TSX Venture Exchange, the shares issued at the final closing of the private placement are subject to a four-month hold period.
As a result of the final closing, there are 27,757,000 common shares of Quest issued and outstanding.