By Devika Patel
Knoxville, Tenn., June 17 - Quest Uranium Corp. said it will raise C$1.36 million in a private placement of units.
The company will sell 6,181,181 units at C$0.22 per unit. Each unit consists of one common share and one half-share warrant. Each whole warrant will be exercisable at C$0.40 for one year.
Proceeds will be used for exploration and working capital purposes.
Montreal-based Quest is a subsidiary of Freewest Resources Canada Inc. The company was formed to take over Freewest's uranium assets and exploration activities.
Issuer: | Quest Uranium Corp.
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Issue: | Units of one common share and one half-share warrant
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Amount: | C$1,359,859.82
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Units: | 6,181,181
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Price: | C$0.22
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Warrants: | One half-share warrant per unit
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Warrant expiration: | One year
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Warrant strike price: | C$0.40
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Pricing date: | June 17
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Stock symbol: | TSX Venture: QUC
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Stock price: | C$0.235 at close June 16
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Market capitalization: | C$6.94 million
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