Quest PharmaTech Announces Closing of Private Placement and Provides other Corporate Updates

About this update from Quest Pharmatech Inc.

[{"type":"text","content":"\n\n\n\nTrading Symbol: QPT: TSX Venture Exchange\n\n\nEDMONTON, Nov. 29 /CNW/ - Quest PharmaTech Inc. ("Quest" or the\n"Company") announces that subject to TSX Venture Exchange approval, it has\nclosed a non-brokered private placement with the sale of 6,386,667 common\nshares at $0.15 and $0.1667 per share for net proceeds of $913,200, including\n$7,500 raised from an insider of the Company. The Company paid a 10% finder's\nfee to a third party in connection with a portion of this private placement.\n\n\nThe common shares were issued to qualified purchasers in Alberta and\noutside of Canada in reliance upon exemptions from the applicable registration\nand prospectus requirements of securities legislation. The common shares are\nsubject to a restricted period which expires 4 months from the date of\nissuance. The funds raised will be used for general corporate purposes over\nthe coming months.\n\n\nQuest also announces the resignation of Mr. Bert Quint as a director of\nthe Company for personal and family reasons.\n\n\nThe Company also announces the following grant of stock options:\n(i) 150,000 stock options to its three independent Board members and (ii)\n500,000 stock options to officers and employees. The exercise price of the\noptions is $0.25. All allocations will be subject to approval of the TSX\nVenture Exchange.\n\n\nFinally, the Company announces the issuance of 240,000 common shares from\ntreasury, to be allocated to the original inventors of Bionex related to a\nSeptember, 2001 technology purchase agreement. The common shares are subject\nto a restricted period which expires 4 months from the date of issuance.\n\n\nAbout Quest PharmaTech Inc.\n\n\nThe Corporation is a publicly traded (TSX Venture Exchange: QPT),\nAlberta-based pharmaceutical company committed to the development and\ncommercialization of new pharmaceutical products. It is developing a series of\nproducts for the treatment of cancer and dermatological conditions based on\nits unique photodynamic and sonodynamic therapy platform.\n\n\nExcept for historical information, this press release may contain\nforward-looking statements, which reflect the Company's current expectation\nregarding future events. These forward-looking statements involve risk and\nuncertainties, which may cause but are not limited to, changing market\nconditions,...

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