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Re: News Release - Thursday, April 01, 2010
GoldQuest Closes First Tranche Of Financing
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VANCOUVER, BC, APRIL 1, 2010 - GoldQuest Mining Corp. (TSX-V: GQC) (the
"Company") is pleased to announce that it has completed the first
tranche of its previously announced $2.6 million private placement
transactions and anticipates the closing of the balance in a second
tranche next week. The Company has issued an aggregate of 7,605,000
units, at $0.125 per unit, for aggregate gross proceeds of $950,625,
including 5,940,000 units placed through Haywood Securities Inc., as
agent. Each unit is comprised of one common share in the capital of
the Company and one half of one share purchase warrant (a "Warrant").
Each whole Warrant entitles the holder to purchase one common share for
a period of 24 months, following the closing of the Private Placement,
at an exercise price of CDN$0.20 per share. The Company has the right
to call the outstanding Warrants for expiry upon 30 days notice in the
event that the daily volume weighted average trading price of the
Company's common shares on the TSX Venture Exchange (the "Exchange"),
exceeds $0.35 on 10 consecutive days.
In addition to aggregate cash commissions of $57,400, the Company also
issued an aggregate of 656,000 agent's and finder's warrants, each
entitling the holder to acquire one common share of the Company at a
price of $0.145 per share, on or before March 31, 2012. The private
placement securities have a hold period expiring on August 1, 2010.
The Company intends to use the net proceeds to execute a detailed
strategic exploration plan developed for both Spain and the Dominican
Republic, and for working capital and general corporate purposes.
In Spain the strategic plan includes the compilation of the historical
Toral project and regional data and the exploration of the district and
Toral project along strike. In the Dominican Republic the Company
intends to fast-track several gold-copper targets to drill stage
including the Las Tres Palmas epithermal gold project, formally part of
the Gold Fields funded joint venture. The GoldQuest portfolio of
projects in the Dominican Republic and Spain are 100% owned by the
Company.
About GoldQuest
GoldQuest is a Vancouver based Exploration company with projects in the
Dominican Republic and Spain. Through a combination of regional
grass-roots generative exploration and new geological models the
Company has built a portfolio of new projects. GoldQuest is traded on
the TSX-V under the symbol GQC.V and in Frankfurt / Berlin with symbol
M1W.
For further information please contact:
Alistair Waddell
President & Chief Executive Officer
Dan Maarsman
Investor Relations - Vancouver, Canada
Tel: +1-604-632 4333
www.goldquestcorp.com
investorrelations@goldquestcorp.com
This news release contains forward-looking statements that reflect the
Company's expectations with regard to future events. Actual events
could differ significantly from those anticipated in this document.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
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 and will not be registered under
the United States Securities Act of 1933, as amended (the "U.S.
Securities Act"), or any state securities laws and may not be offered
or sold within the United States or to a "U.S. Person", as such term is
defined in Regulation S under the U.S. Securities Act, unless
registered under the U.S. Securities Act and applicable state
securities laws or an exemption from registration is available.
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Copyright (c) 2010 GOLDQUEST MINING CORP. (GQC) All rights reserved.
For more information visit our website at http://www.goldquestcorp.com/
or send mailto:investorrelations@goldquestcorp.com
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Goldquest Mining Corp.
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EXPLORATION STAGE |
CODE : GQC.V |
ISIN : CA38144C1005 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Goldquest Mining is a gold exploration company based in Canada. Goldquest Mining holds various exploration projects in Dominican Republic. Its main exploration properties are CERRO DORADO, PIEDRA IMÁN, JENGIBRE, LOS COMIOS, LAS TRES PALMAS / SAN JUAN, EL TORO, LOMA VIEJO PEDRO, SANTA ANA, LAS ANIMAS and LA ESCALANDOSA in Dominican Republic and TORAL in Spain. Goldquest Mining is listed in Canada and in Germany. Its market capitalisation is CA$ 53.9 millions as of today (US$ 39.7 millions, € 35.8 millions). Its stock quote reached its lowest recent point on May 18, 2012 at CA$ 0.04, and its highest recent level on August 24, 2012 at CA$ 2.03. Goldquest Mining has 215 730 000 shares outstanding. |