Mr. Prashant Pathak, affiliate of 2455440 Ontario, reports
2455440 ONTARIO INC. ANNOUNCES FILING OF EARLY WARNING REPORT
2455440 Ontario Inc. has filed an early warning report as required by National Instrument 62-103 in relation to its acquisition of 7-per-cent secured convertible debentures of Quest Rare Minerals Ltd. in the aggregate principal amount of $2.5-million. At the option of the offeror, the debentures can be converted into common shares of the company at a price of 13 cents per common share. The offeror also acquired beneficial ownership in the aggregate of 2.5 million warrants of the company, each of which entitles the offeror to acquire one common share of the company at a price of 15 cents for four years.
Prashant Pathak, an affiliate of the offeror, may be considered to be acting jointly or in concert with the offeror. Mr. Pathak has beneficial ownership of 30,000 deferred share units of the company, representing 0.02 per cent of the issued and outstanding common share, should all of the DSUs be settled for common shares.
Immediately after the transaction, the offeror had beneficial ownership of securities convertible into 21,730,769 common shares of the company, representing approximately 21.61 per cent of the issued and outstanding common shares of the company should all of the debentures and warrants be converted.
On an aggregate basis, the offeror and Mr. Pathak have beneficial ownership of the securities and DSUs convertible into 21,760,769 common shares, representing approximately 21.63 per cent of the issued and outstanding common shares, should all of the securities be converted and DSUs be settled for common shares.
An early warning report reflecting the noted acquisition has now been filed, a copy of which is available on SEDAR.
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