Silver Quest Announces $5.5 Million Private Placement

- August 10th, 2010

Silver Quest Resources Ltd. (CVE:SQI) announced it has negotiated a best efforts private placement with BayFront Capital Partners Ltd. as lead agent for up to $2.5 million in flow-through common shares at a price of $0.75 per FT Share and up to $3 million in hard dollar units at a price of $0.65 per HD Unit for aggregate gross proceeds of up to $5.5 million.

Silver Quest Resources Ltd. (TSXV:SQI) announced it has negotiated a best efforts private placement with BayFront Capital Partners Ltd. as lead agent for up to $2.5 million in flow-through common shares at a price of $0.75 per FT Share and up to $3 million in hard dollar units at a price of $0.65 per HD Unit for aggregate gross proceeds of up to $5.5 million.

The press release is quoted as saying:

Each HD Unit will consist of one common share and one-half of one non-transferable common share purchase warrant (“Warrant”). Each Warrant will entitle the holder to purchase one additional common share for two years from the date of closing at a price of $0.75 per share.

Click here to access the entire press release

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