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Re: News Release - Wednesday, September 16, 2009
Silver Quest Closes Private Placements totaling $1.05M
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Silver Quest Resources Ltd. (the "Company") is pleased to announce it
has closed the brokered private placement with Canaccord Capital
Corporation (the "Agent") of 6,875,000 units (the "Units") at a price
of $0.08 per Unit and 4,000,000 flow-through units ("FT Units") at a
price of $0.10 per FT Unit for total gross proceeds of $950,000.
Each Unit consists of one common share and one non-transferable common
share purchase warrant ("Unit Warrant"). Each Unit Warrant entitles the
holder to purchase one additional common share for two years at a price
of $0.12 in the first year and at a price of $0.18 in the second year.
Each FT Unit consists of one flow-through common share and one-half of
one non-transferable common share purchase warrant ("FT Warrant"). Each
whole FT Warrant entitles the holder to purchase one additional common
share at a price of $0.15 for one year.
The Agent was paid a 7% commission of the gross proceeds raised and has
been granted broker warrants equal to 7% of the Units and FT Units sold
under the offering. The terms of the broker warrants are the same as
the Unit Warrants above. The Agent was also paid a corporate finance
fee.
In addition, the Company also announces that has completed a
non-brokered private placement of $95,000 in FT Units under similar
terms as above.
The funds raised from the issuance of the FT Units shall be used for
expenditures which will constitute Canadian exploration expenditures on
the Company's prospects located in BC and Ontario. Funds raised from
the issuance of Units will be for general working capital. All
securities issued in connection with the two placements are subject to
a standard four month hold period, expiring January 16, 2009.
SILVER QUEST RESOURCES LTD.
"Robert Weicker"
Robert Weicker, President
For further information please contact Investor Relations at
604-687-3959 or info@silverquest.ca
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the contents of this
news release.
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Copyright (c) 2009 SILVER QUEST RESOURCES LTD. (SQI) All rights
reserved. For more information visit our website at
http://www.silverquest.ca/ or send mailto:info@silverquest.ca
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Silver Quest Resources Ltd.
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CODE : SQI.V |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Silver Quest Res. is a silver exploration company based in Canada. Silver Quest Res. is listed in Canada. Its market capitalisation is CA$ 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. |