Quest Rare Minerals Looking to Fund Feasibility Study for Strange Lake

Quest Rare Minerals Ltd. (TSX:QRM,NYSEMKT:QRM) announced that it has filed a short-form prospectus with all of Canada’s provinces for the new issue of units, which was announced previously.

As quoted in the press release:

The final prospectus provides for a best-efforts offering of a minimum of 4,333,333 Units and a maximum of 18,518,518 Units at a price of $0.27 per Unit, for maximum gross proceeds of $5 million to Quest. Each Unit will be comprised of one common share and one common share purchase warrant of Quest. Each warrant will entitle its holder to purchase one additional Quest common share at a price of $0.40 for 36 months. The Units will separate into common shares and warrants immediately upon the closing of the offering.

The net proceeds from the offering will be used by Quest primarily towards a feasibility study on its Strange Lake rare earth project in northeastern Québec, and for working capital. Closing of the offering is expected to occur on or about July 17, 2014.

Click here to read the full Quest Rare Minerals Ltd. (TSX:QRM,NYSEMKT:QRM) press release.