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Re: News Release - Friday, April 04, 2008
Silver Quest Closes $2.5 Million Financing
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Silver Quest Resources Ltd. (the "Company") is pleased to announce that
the non-brokered private placement announced on February 27, 2008,
accepted for filing by the TSX Venture Exchange on April 2, 2008, has
been completed, raising a total of $2,506,000 before expenses and
finder's fees.
In conjunction with this financing, the Company issued 12,530,000 units
at a price of 20 cents per unit, each unit consisting of one common
share and one-half of one share purchase warrant. Each whole warrant
will be exercisable for an additional common share of the Company
expiring October 6, 2009 at a price of 30 cents.
A finder's fee, was payable to certain arm's-length parties on portions
of the financing, equal to 7 per cent in cash (totaling $139,720) and 7
per cent in compensation units (totaling 698,600, compensation units).
Each compensation unit, is exercisable at $0.20 and will expire on
April 3, 2009. Each compensation unit entitles the holder to purchase
one common share and one-half of one share purchase warrant. Each whole
compensation warrant is exercisable at $0.30 to purchase an additional
common share of the Company until October 6, 2009.
All securities issued in connection with this financing will be subject
to a hold period trading restriction expiring on August 4, 2008.
The gross proceeds from the private placement will be used for general
working capital and to carry out further exploration on the Company's
current projects including a drill program on the Santa Rosa project in
Mexico during the 2nd quarter of 2008.
"Silver Quest is an established Canadian junior exploration company
with a focus on silver and gold projects, with ten mineral properties
in B.C., Ontario, Yukon, Nevada, USA and Sonora, Mexico. For Silver
Quest property locations and information, visit the Company's web site
at ."
SILVER QUEST RESOURCES LTD.
"Randy C. Turner"
Randy C. Turner, Director
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this news
release.
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Copyright (c) 2008 SILVER QUEST RESOURCES LTD. (SQI) All rights
reserved. For more information visit our website at
http://www.silverquest.ca/ or send mailto:info@silverquest.ca
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