Trading Symbol: QPT: TSX Venture Exchange
EDMONTON, Nov. 29 /CNW/ - Quest PharmaTech Inc. ("Quest" or the "Company") announces that subject to TSX Venture Exchange approval, it has closed a non-brokered private placement with the sale of 6,386,667 common shares at $0.15 and $0.1667 per share for net proceeds of $913,200, including $7,500 raised from an insider of the Company. The Company paid a 10% finder's fee to a third party in connection with a portion of this private placement.
The common shares were issued to qualified purchasers in Alberta and outside of Canada in reliance upon exemptions from the applicable registration and prospectus requirements of securities legislation. The common shares are subject to a restricted period which expires 4 months from the date of issuance. The funds raised will be used for general corporate purposes over the coming months.
Quest also announces the resignation of Mr. Bert Quint as a director of the Company for personal and family reasons.
The Company also announces the following grant of stock options: (i) 150,000 stock options to its three independent Board members and (ii) 500,000 stock options to officers and employees. The exercise price of the options is $0.25. All allocations will be subject to approval of the TSX Venture Exchange.
Finally, the Company announces the issuance of 240,000 common shares from treasury, to be allocated to the original inventors of Bionex related to a September, 2001 technology purchase agreement. The common shares are subject to a restricted period which expires 4 months from the date of issuance.
About Quest PharmaTech Inc.
The Corporation is a publicly traded (TSX Venture Exchange: QPT), Alberta-based pharmaceutical company committed to the development and commercialization of new pharmaceutical products. It is developing a series of products for the treatment of cancer and dermatological conditions based on its unique photodynamic and sonodynamic therapy platform.
Except for historical information, this press release may contain forward-looking statements, which reflect the Company's current expectation regarding future events. These forward-looking statements involve risk and uncertainties, which may cause but are not limited to, changing market conditions, the successful and timely completion of clinical studies, the establishment of corporate alliances, the impact of competitive products and pricing, new product development, uncertainties related to the regulatory approval process and other risks detailed from time to time in the Company's ongoing quarterly and annual reporting.
"TSX Venture Exchange has neither approved nor disapproved of the
information contained herein."
%SEDAR: 00008400E