/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE U.S./
TORONTO,
June 12, 2014 /CNW/ - Northquest Ltd.
(TSX-V:NQ) ("Northquest") is pleased to announce that it has
closed the first tranche of its previously announced non-brokered
private placement (the "Offering") pursuant to which
Northquest has issued an aggregate of 2,777,777 units (the
"Units") to Nord Gold N.V. at
a price of $0.18 per Unit to raise
aggregate gross proceeds of $500,000.
Each Unit consists of one common share of Northquest (a "Common
Share") and one-half of one common share purchase warrant (each
whole such warrant, a "Warrant"). Each Warrant entitles the
holder thereof to acquire one additional Common Share at an
exercise price of $0.24 per Common
Share for a period of 24 months, provided that if, at any time
after October 13, 2014, the volume
weighted average price of the Common Shares on the principal stock
exchange upon which the Common Shares are listed is equal to or
exceeds $0.50 for 20 consecutive
trading days, Northquest may accelerate the expiry date of the
Warrants, in which event the Warrants will expire upon the date
(the "Accelerated Expiry Date") which is 30 days following
the dissemination of a press release by Northquest announcing the
Accelerated Expiry Date.
All securities issued and issuable in connection
with the Offering are subject to a statutory hold period expiring
on October 13, 2014.
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.
Forward Looking Statements – Certain
information set forth in this news release may contain
forward-looking statements that involve substantial known and
unknown risks and uncertainties. These forward-looking statements
are subject to numerous risks and uncertainties, certain of which
are beyond the control of Northquest, including, but not limited to
the impact of general economic conditions, industry conditions,
volatility of commodity prices, currency fluctuations, dependence
upon regulatory approvals, and the availability of financing.
Readers are cautioned that the assumptions used in the preparation
of such information, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements.
SOURCE Northquest Ltd.