Quest Rare Minerals Files a Notice of Intention to Make a Proposal Under the Bankruptcy and Insolvency Act (Canada)

- July 6th, 2017

Quest Rare Minerals (TSX:QRM) (the “Company” or “Quest”) announces that it has filed today a Notice of Intention to Make a Proposal (“Notice of Intention”) pursuant to the provisions of Part III of the Bankruptcy and Insolvency Act (Canada) (the “BIA”). Pursuant to the Notice of Intention, PricewaterhouseCoopers (the “PwC”) has been appointed as the …

Quest Rare Minerals (TSX:QRM) (the “Company” or “Quest”) announces that it has filed today a Notice of Intention to Make a Proposal (“Notice of Intention”) pursuant to the provisions of Part III of the Bankruptcy and Insolvency Act (Canada) (the “BIA”).

Pursuant to the Notice of Intention, PricewaterhouseCoopers (the “PwC”) has been appointed as the trustee in the Company’s proposal proceedings and will assist the Company in its restructuring efforts.

This filing follows the Company’s strategic review of its options pursuant to the decision of a major industrial conglomerate with interests in construction, mining and hydrocarbons not to follow through at this present time with an investment in the Quest project, as contemplated in the Memorandum of Understanding signed on November 2, 2016.

The filing of the Notice of Intention has the effect of imposing an automatic 30-day stay of proceedings that will protect the Company and its assets from the claims of creditors while the Company pursues its restructuring efforts.  This 30-day period may be renewed with the authorization of the Superior Court of Québec.

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