By Marisa Wong
Milwaukee, Oct. 8 – Quest Uranium Corp. said it will raise C$7 million in a private placement of units.
Pope & Co. Ltd. and MGI Securities Inc. will act as co-lead agents. The syndicate of agents will also include Desjardins Securities Inc.
The company will sell 3,043,500 units at C$2.30 per unit. Each unit consists of one common share and one half-share warrant. Each whole warrant will be exercisable at C$4.25 for 18 months.
There is a $3 million greenshoe. If the option is exercised in full, Quest will issue a total of 4,347,827 units for gross proceeds of $10 million.
Proceeds will be used primarily for Quest’s Rare Earth project in Strange Lake, Quebec.
Montreal-based Quest is an exploration company.
| Issuer: | Quest Uranium Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$7 million
|
| Units: | 3,043,500
|
| Price: | C$2.30
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$4.25
|
| Agents: | Pope & Co. and MGI Securities (co-lead agents); Desjardins Securities Inc.
|
| Pricing date: | Oct. 8
|
| Stock symbol: | TSX Venture: QUC
|
| Stock price: | C$2.92 at close Oct. 8
|
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