18:08:41 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Quest Rare Minerals Ltd
Symbol QRM
Shares Issued 67,553,711
Close 2014-07-09 C$ 0.31
Market Cap C$ 20,941,650
Recent Sedar Documents

Quest Rare files final prospectus for $5-million offering

2014-07-10 11:05 ET - News Release

Mr. Peter Cashin reports

QUEST ANNOUNCES FINAL PROSPECTUS FOR NEW ISSUE OF UP TO $5 MILLION AND UPDATE ON FINANCING WITH THE GOVERNMENT OF QUEBEC

Quest Rare Minerals Ltd. has filed a final short-form prospectus with the securities commissions of each of the provinces of Canada for its previously announced new issue of units.

The final prospectus provides for a best-efforts offering of a minimum of 4,333,333 units and a maximum of 18,518,518 units at a price of 27 cents per unit, for maximum gross proceeds of $5-million to Quest. Each unit will comprise one common share and one common share purchase warrant of Quest. Each warrant will entitle its holder to purchase one additional Quest common share at a price of 40 cents for 36 months. The units will separate into common shares and warrants immediately upon the closing of the offering.

The net proceeds from the offering will be used by Quest primarily toward a feasibility study on its Strange Lake rare earth project in northeastern Quebec, and for working capital. Closing of the offering is expected to occur on or about July 17, 2014.

The offering is being effected through a syndicate of agents co-led by GMP Securities LP and Desjardins Securities Inc. and including Maison Placements Canada Inc. and Jones, Gable & Company Ltd. Quest has granted an overallotment option to the agents, exercisable for a period of 30 days following the closing of the offering, to arrange for purchasers of additional units in a maximum number equal to 15 per cent of the number of units sold pursuant to the offering, solely to cover the agents' overallocation position, if any.

Financing commitment from the government of Quebec

Quest is also pleased to announce that it has received a letter dated June 27, 2014, signed by the Deputy Minister of the Economy, Innovation and Export Trade of the government of Quebec, confirming, in light of the potential economic benefits of Quest's Strange Lake rare earth project, including the operation of a rare earth separation plant at Becancour, Que., that the government of Quebec would be prepared to participate in the first stage of financing of Quest's feasibility study on the Strange Lake project. The letter confirms the interest of the Ministry of the Economy, Innovation and Export Trade in taking a minority equity position in Quest in an amount corresponding to 20 per cent of Quest's prospectus offering, subject to a maximum investment by the government of Quebec of $2-million. The letter sets out that the full terms of the financing will be established ultimately by the Ministry of the Economy, Innovation and Export Trade, in co-operation with Investissement Quebec, the whole subject to approval by the Quebec Council of Ministers. In light of this communication from the government of Quebec, Quest has undertaken steps to effect a private placement with the government of Quebec on substantially the same terms and conditions as its prospectus offering.

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