Brokered offering slated to fund exploration and working capital
By Devika Patel
Knoxville, Tenn., June 5 - Quest Rare Minerals Ltd. said it plans a C$2.25 million private placement of stock and units with a 15% greenshoe. Secutor Capital Management Corp. and Marquest Asset Management Inc. are the co-lead agents.
The company will sell 2,364,864 flow-through common shares at C$0.74 apiece and 735,294 units of one common share and a half-share warrant at C$0.68 per unit.
Each whole warrant will be exercisable at C$1.00 for 18 months.
The price per share is a 32.14% premium to the June 4 closing share price of C$0.56. The warrant strike price is a 78.57% premium to that price.
Settlement is expected on June 13.
Proceeds will be used for exploration and working capital.
Quest is a rare earth metals explorer based in Toronto.
| Issuer: | Quest Rare Minerals Ltd.
|
| Issue: | Flow-through common stock, units of one common share and a half-share warrant
|
| Amount: | C$2.25 million
|
| Greenshoe: | 15%
|
| Agent: | Secutor Capital Management Corp. and Marquest Asset Management Inc. (co-leads)
|
| Pricing date: | June 5
|
| Settlement date: | June 13
|
| Stock symbol: | Toronto: QRM
|
| Stock price: | C$0.56 at close June 4
|
| Market capitalization: | C$34.19 million
|
|
|
| Shares
|
| Amount: | C$1.75 million
|
| Shares: | 2,364,864
|
| Price: | C$0.74
|
| Warrants: | No
|
|
|
| Units
|
| Amount: | C$500,000
|
| Units: | 735,294
|
| Price: | C$0.68
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$1.00
|
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