Non-brokered deal garners C$2 million participation from MineralFields
By Devika Patel
Knoxville, Tenn., Dec. 22 - Northquest Ltd. said it settled a non-brokered private placement of units. The deal priced for C$1 million on Dec. 15 and was increased to C$4 million on Dec. 16. Northquest raised C$3.46 million.
The company sold 2,089,998 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.
Northquest also sold 2,105,263 flow-through units of one flow-through common share and one half-share warrant at C$0.95 per unit to the MineralFields Group.
Each of these warrants will be exercisable at C$2.25 for two years. The strike price is a 181.25% premium to the Dec. 14 closing share price.
Northquest is a Toronto-based gold exploration company.
| Issuer: | Northquest Ltd.
|
| Issue: | Units of one common share and one half-share warrant, flow-through units of one flow-through common share and one half-share warrant
|
| Amount: | C$3,463,000
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 15
|
| Upsized: | Dec. 16
|
| Settlement date: | Dec. 22
|
| Stock symbol: | TSX Venture: NQ
|
| Stock price: | C$0.80 at close Dec. 15
|
| Market capitalization: | C$12.94 million
|
|
|
| Units
|
| Amount: | C$1,463,000
|
| Units: | 2,089,998
|
| Price: | C$0.70
|
| Warrant strike price: | C$1.00
|
|
|
| Flow-through units
|
| Amount: | C$2 million
|
| Units: | 2,105,263
|
| Price: | C$0.95
|
| Warrant strike price: | C$2.25
|
| Investor: | MineralFields Group
|
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