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TORONTO, Nov. 26, 2014 /CNW/ - Northquest Ltd. (TSX-V:NQ) ("Northquest") is pleased to announce that it has closed its previously announced non-brokered private placement (the "Offering") pursuant to which Northquest issued an aggregate of 10,000,000 common shares ("Shares") at a price of $0.12 per Share, to raise aggregate gross proceeds of $1,200,000. Nord Gold N.V. (LSE: NORD), an insider of Northquest, exercised its right to maintain its 23.7% interest in Northquest and purchased an aggregate of 3,075,000 Shares in the Offering for proceeds of $369,000. In addition, upon the completion of this financing another major shareholder and prominent U.S. resource investor, controls 6,500,000 common shares representing a 7.11% interest in Northquest on a fully-diluted basis.
Northquest issued an aggregate of 484,750 broker warrants in connection with the Offering, each such broker warrant being exercisable to acquire one Share at an exercise price of $0.16 until November 26, 2016.
All securities issued pursuant to the Offering are subject to a statutory hold period expiring on March 27, 2015. The Offering remains subject to the final approval of the TSX Venture Exchange.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Northquest, including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, dependence upon regulatory approvals, and the availability of financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
SOURCE: Northquest Ltd.
For further information: Jon North, President and Chief Executive Officer, (416) 786-6348