Business
GoldQuest Closes Private Placement
VANCOUVER, BC--(Marketwired - April 01, 2016) - NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECT
About this update from Goldquest Mining Corp.
[{"type":"text","content":"VANCOUVER, BC--(Marketwired - April 01, 2016) - NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES GoldQuest Mining Corp. (TSX VENTURE: GQC) (FRANKFURT: M1W) (BERLIN: M1W) (\"GoldQuest\" or the \"Company\") is pleased to announce that the Company has closed its previously announced private placement (the \"Private Placement\") and has issued 14,710,000 common shares in the capital of the Company (the \"Common Shares\") at a price of $0.20 per Common Share for gross proceeds of $2,942,000.00. In connection with the Private Placement, the Company has paid a finder's fee to Foster & Associates Financial Services Inc., Raymond James Ltd. and Cormark Securities Inc. (together the \"Finders\"). The finder's fee consisted of a cash payment equal to 7% of the aggregate proceeds from subscriptions arranged by the Finders for an aggregate total of $135,940. GoldQuest expects to use the net proceeds of the Private Placement for funding its exploration programs and for general working capital purposes. \"Completion of this modest financing with no warrants allows the company to adequately fund both the exploration program that is generating results in terms of target generation along the full 50 kilometer Tireo belt, as well as, for the Romero Development Project, completion of both the Pre-feasibility Study (due Q2 2016) and the full Feasibility Study (due Q4 2016), which form a significant part of an Environmental Impact Study,\" said Bill Fisher, Chairman of the Board. All securities issued pursuant to the Private Placement are subject to a hold period under applicable securities laws, which will expire four months plus one day from the date of closing of the Private Placement. The Private Placement remains subject to the final approval of the TSX Venture Exchange. The securities issued under the Private Placement have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the \"U.S. Securities Act\"), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant t...