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Re: News Release - Monday, August 10, 2009
Silver Quest Announces $ 1.3 Million Private Placement
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Silver Quest Resources Ltd. (the "Company") is pleased to announce it
has negotiated a commercially reasonable efforts private placement with
Canaccord Capital Corporation (the "Agent") of 5,000,000 units (the
"Units") at a price of $0.08 per Unit and 6,000,000 flow-through units
("FT Units") at a price of $0.10 per FT Unit for total gross proceeds
of up to $1,000,000.
Each Unit will consist of one common share and one non-transferable
common share purchase warrant ("Unit Warrant"). Each Unit Warrant will
entitle the holder to purchase one additional common share for two
years from the date of closing at a price of $0.12 in the first year
and, thereafter, at a price of $0.18 in the second year. Each FT Unit
will consist of one flow-through common share and one-half of one
non-transferable common share purchase warrant ("FT Warrant"). Each
whole FT Warrant will entitle the holder to purchase one additional
common share at a price of $0.15 for one year from the date of closing.
The Company has also granted the Agent an over allotment option to
solicit any combination of Units and Flow-Through Shares to raise
additional gross proceeds of up to $150,000, exercisable forty-eight
hours prior to closing.
In addition, the Company also announces that it will complete a
non-brokered private placement of up to $300,000 in FT Units under
similar terms as above.
The funds raised from the issuance of the FT Units shall be used for
general exploration expenditures which will constitute Canadian
exploration expenditures, flow-through mining expenditures (as defined
in the Income Tax Act) and flow-through mining expenditures on the
Company's prospects located in BC, the Yukon Territory and Ontario.
Funds raised from the issuance of Units will be for general working
capital.
Closing of the private placements is anticipated to occur on or before
September 2, 2009 and is subject to the receipt of applicable
regulatory approvals including approval of the TSX Venture Exchange.
The securities issued will be subject to a standard four month hold
period.
SILVER QUEST RESOURCES LTD.
"Robert Weicker"
Robert Weicker, President
For further information please contact Investor Relations at
604-687-3959 or info@silverquest.ca
The TSX Venture Exchange has not reviewed and does not accept
responsibility for
the adequacy or accuracy of the contents of this news release.
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Copyright (c) 2009 SILVER QUEST RESOURCES LTD. (SQI) All rights
reserved. For more information visit our website at
http://www.silverquest.ca/ or send mailto:info@silverquest.ca
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Silver Quest Resources Ltd.
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CODE : SQI.V |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Silver Quest Res. is a silver exploration company based in Canada. Silver Quest Res. is listed in Canada. Its market capitalisation is CA$ 128.7 millions as of today (US$ 127.6 millions, € 91.8 millions). Its stock quote reached its lowest recent point on December 24, 2008 at CA$ 0.02, and its highest recent level on November 04, 2011 at CA$ 1.28. Silver Quest Res. has 109 983 000 shares outstanding. |