Business
GoldQuest Upsizes Private Placement to C$16.2 Million and Closes First Tranche
Vancouver, British Columbia--(Newsfile Corp. - June 2, 2025) - GoldQuest Mining Corp. (TSXV: GQC)...
About this update from Goldquest Mining Corp.
[{"type":"text","content":"GoldQuest Upsizes Private Placement to C$16.2 Million and Closes First TrancheVancouver, British Columbia--(Newsfile Corp. - June 2, 2025) - GoldQuest Mining Corp. (TSXV: GQC) (\"GoldQuest\" or the \"Company\") is pleased to announce the closing of the first tranche (the \"First Tranche\") of its previously announced non-brokered private placement (the \"Private Placement\") of common shares in the capital of the Company (the \"Common Shares\"), originally announced on May 14, 2025.In response to strong investor demand, the Private Placement has been increased to a maximum of 32,352,877 Common Shares at a price of C$0.50 per Common Share, for total gross proceeds of up to C$16,176,439.Under the First Tranche, the Company issued a total of 21,450,877 Common Shares at a price of C$0.50 per Common Share, raising gross proceeds of C$10,725,438.50.Approximately 82% of the funds raised in the First Tranche were contributed by investors based in the Dominican Republic, reflecting strong national support for the Company's projects and its commitment to local development. The entire Second Tranche will also be funded by Dominican capital.Demand from Dominican investors was exceptionally strong, resulting in an oversubscription of the offering and requiring the Company to limit allocations and defer participation from a number of interested investors. This level of demand underscores the confidence and momentum behind GoldQuest's strategy and the Romero Project.Insider participation in the First Tranche includes investments by three members of the Board of Directors, including the Company's CEO, demonstrating strong confidence in the Company's strategy, leadership, and the advancement of the Romero Project.In connection with the First Tranche, the Company paid a cash finder's fee of approximately C$203,275 to Paola Cornielle, an arm's length party.The Private Placement remains subject to final acceptance of the TSX Venture Exchange (the \"TSX-V\"). All Common Shares issued pursuant to the Private Placement are subject to a four-month statutory hold period under applicable Canadian securities laws.Use of ProceedsThe net proceeds of the Private Placement will be used to fund the following initiatives:Completion of the Environmental and Social Impact Assessment (ESIA) at Romero.Finalization of the Bankable Feasibility Study (BFS) for the Rom...