Offering sells two types of unit with half-share, two-year warrants
By Devika Patel
Knoxville, Tenn., Nov. 20 - Northquest Ltd. said it has arranged a C$1.3 million non-brokered private placement of units.
The company will sell 7.5 million units of one common share and one half-share warrant at C$0.10 per unit and 5 million flow-through units of one flow-through common share and one half-share warrant at C$0.11 per flow-through unit.
Each whole, two-year warrant will be exercisable at C$0.15. The strike price is a 50% premium to the Nov. 19 closing share price of C$0.10.
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$1.3 million
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.15
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 20
|
| Stock symbol: | TSX Venture: NQ
|
| Stock price: | C$0.10 at close Nov. 19
|
| Market capitalization: | C$3.98 million
|
|
|
| Units
|
| Amount: | C$750,000
|
| Units: | 7.5 million
|
| Price: | C$0.10
|
|
|
| Flow-through units
|
| Amount: | C$550,000
|
| Units: | 5 million
|
| Price: | C$0.11
|
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