VANCOUVER, BRITISH COLUMBIA (September 17, 2012) - Great Quest Metals Ltd. ("Great Quest" or the "Company") (TSX-V: GQ, FRANKFURT: GQM) is pleased to announce it has completed the brokered and non-brokered private placements announced on September 11, 2012, placing an aggregate of 1,356,295 units (the "Units") of the Company at a price of $0.85 per Unit for total gross proceeds of $1,152,850 (the "Offering"). Insiders' participation amounted to around 10% of the private placement. Each Unit consists of one common share and one half of a transferable common share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder to acquire one common share at a unit price of $1.25 per share for a period of two years from the date of issuance. The brokered private placement was led by sole agent Pope & Company (the "Agent").
All of the shares, warrants and any shares issued upon exercise of the warrants comprising the Units are subject to a hold period and may not be traded in British Columbia until January 15, 2013, except as permitted by the applicable Securities Acts and the Rules made thereunder and the TSX Venture Exchange.
"We value the on-going support of our existing shareholder base and are pleased to welcome new investors. The commitment to the Offering is a strong endorsement of the quality of the Company's flagship project, its development potential and the ability of new management to drive the company forward," Joel Jeangrand, President and CEO of Great Quest said.
The Company is also pleased to announce the appointment of Ms. Candice Font as Investor Relations & Communications Manager. She comes to Great Quest with a wealth of experience working in Africa. As a regional manager for Africa Investor, a specialized publication focused on business in Africa, Ms. Font was based in Abidjan, Cote d'Ivoire and Libreville, Gabon, West Africa from 2008 to 2010. Between 2005 and 2008, she worked as a project manager producing business reports on the growth opportunities in emerging countries such as Russia, Nigeria, and Qatar. Prior to joining Great Quest, Ms. Font worked in Investor Relations at a Vancouver based mining exploration company.
The terms of Ms. Font's employment agreement provide for an annual fixed salary, as well as the grant, subject to TSX Venture Exchange approval, of 60,000 incentive stock options at an exercise price of $0.84 per share for a period of five years. The options shall vest equally over a two year period, in accordance with the Company's Stock Option Plan.
The senior management team and the Board would like to thank outgoing Investor Relations Manager, Mr. George Butterworth, for his important contribution over the last seven years and wish him all the best for his retirement.
ON BEHALF OF THE BOARD OF DIRECTORS OF GREAT QUEST METALS LTD.
President, CEO & Director
For more information, please contact:
Tel +1 604-689-2882
Toll Free: 1 877-325-3838
About Great Quest:
Great Quest Metals Ltd. is a Canadian mineral exploration company with assets in Mali, West Africa. The Company is focused on developing the Tilemsi Phosphate Project, encompassing 1,206 km² in eastern Mali. The Company also holds several gold concessions in the productive Birimian gold belt in western Mali. Great Quest is listed on TSX Venture Exchange under the symbol GQ, and the Frankfurt Stock Exchange under the symbol GQM.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. The statements that are not historical facts and are forward-looking statements involving known and unknown risks and uncertainties could cause actual results to vary materially from the targeted results. We seek safe harbor.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold within the United States, absent such registration or an applicable exemption from such registration requirements. We seek safe harbor.