Great Quest Announces a $220,000 Private Placement
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 $0.55 a unit for total proceeds of $220,000. Each unit consists of one common share of the Company's capital stock and one half of a share purchase warrant. Each full warrant entitles the holder to purchase one additional share of the Company's capital stock at $0.65 for a period of two years from the closing of the private placement. A portion of the private placement is subject to an 8% commission and broker's warrants equivalent to 15% of the units under the commission. All warrants are transferable. The private placement is subject to regulatory approval.
Part of the funds raised under this private placement are to be used to finance two diamond drill holes to trace the breccia zone discovered in diamond drill hole KN 11-05 along the Djambaye 2 gold zone on the Kenieba concession in western Mali, West Africa. This hole intersected 1.05 m of 808.85 g/t gold. The remaining funds will be used for option payments, administration and a follow-up work program on the Manankoto gold concession.
ON BEHALF OF THE BOARD OF DIRECTORS
"Willis W. Osborne"
Willis W. Osborne,