Non-brokered offering garners 25% insider participation, company says
By Devika Patel
Knoxville, Tenn., Dec. 15 - Northquest Ltd. said it plans a non-brokered private placement of units. It aims to raise C$1 million.
The company will sell 1,428,571 units at C$0.70 apiece. Each unit consists of one common share and one half-share warrant. Each whole two-year warrant will be exercisable at C$1.00. The strike price reflects a 25% premium to the Dec. 14 closing share price of C$0.80.
Insiders will buy 25% of the units.
Northquest is a Toronto-based gold exploration company.
| Issuer: | Northquest Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1 million
|
| Units: | 1,428,571
|
| Price: | C$0.70
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.00
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 15
|
| Stock symbol: | TSX Venture: NQ
|
| Stock price: | C$0.80 at close Dec. 15
|
| Market capitalization: | C$13.8 million
|
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