Great Quest Announces a $280,000 Private Placement

Author: Great Quest | | Categories: 2006

VANCOUVER, BC - Willis W. Osborne, President of Great Quest Metals Ltd. (TSX Venture Exchange: GQ), is pleased to announce a private placement of 400,000 units at $0.70 per unit for total proceeds of $280,000, subject to regulatory approval. Each unit consists of one common share and one half of a transferable share purchase warrant. Each full warrant entitles the holder to purchase one additional share in the Company's capital stock at $0.80 for a period of one year from closing. All shares issued under this private placement are subject to a four month hold period from closing. One of the Company's Directors has sold 65,000 shares through the facilities of the TSX Venture Exchange at a price of $0.72 per share. With the proceeds from this sale, the Director will subscribe for 55,000 units of the Company's private placement at a price of $0.70 per share.

The proceeds of the private placement will be used for drilling on the Kenieba gold concession in western Mali, West Africa, concession option payments, administration costs and investor relations.


"Willis W. Osborne"
Willis W. Osborne,

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