The closing is subject to final acceptance of the
Pursuant to the Offering, the Company has issued 9,149,414 units (the 'Units') at a price of
In connection with the closing of the Offering, Lithoquest has paid aggregate cash finders' fees of
The shares acquired by the placees under the Offering, and any shares which may be acquired upon the exercise of the Warrants and the Finder's Warrants, are subject to a hold period until
The proceeds from the Offering will be used to advance the Company's gold and base metal properties in northern
Four related parties (as such term is defined in Multilateral Instrument 61-101 -Protection of Minority Security Holders in Special Transactions ('MI 61-101')) participated in the Offering and acquired an aggregate of 150,000 Units and 350,000 FT Units. This portion of the Offering constituted a related party transaction for the purposes of TSX Venture Exchange Policy 5.9 and MI 61-101. The Company relied on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the transaction insofar as the transaction involved interested parties did not exceed 25% of the Company's market capitalization.
FORWARD LOOKING INFORMATION
This news release includes certain information that may constitute 'forward-looking information' under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, completion of the Offering. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information, including the approval of the
Contact:
Tel: +1 (604) 506-2804
Email: info@lithoquest.com
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