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Quest Rare Minerals Ltd. (TSX:QRM,NYSE:QRM) completed a fully-subscribed private placement by issuing 4,065,360 flow-through for total gross proceeds of $2,741,948. Gross proceeds of $2,235,948 were at a price of $0.50 per share, and 1,012,000 hard-dollar units were at a price of $0.50 per unit, for gross proceeds of $506,000.
As quoted in the press release:
Each of the “hard-dollar” units is comprised of one common share and one-half of a common share purchase warrant. Each of the full warrants entitles its holder to acquire one additional common share of Quest at a price of $0.80 until January 25, 2015, 18 months from the closing date of the private placement. If at any time prior to the expiry date of the warrants, the volume weighted average price of Quest’s common shares on the Toronto Stock Exchange exceeds $1.20 for a period of not less than 20 consecutive trading days, Quest may reduce the period during which the warrants may be exercised, such that the warrants will expire on the date which is 30 days after the date on which Quest sends a notice to warrant holders.
Click here to read the Quest Rare Minerals Ltd. (TSX:QRM,NYSE:QRM) press release
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