/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE U.S./
TORONTO,
Dec. 23, 2013 /CNW/ - Northquest Ltd.
(TSX-V:NQ) ("Northquest") is pleased to announce that it has closed
its previously announced non-brokered private placement (the
"Offering") pursuant to which Northquest has issued (i) 3,150,000
units ("Units") at a price of $0.10
per Unit; and (ii) 420,909 "flow-through" units ("FT Units")
at a price of $0.11 per FT
Unit. Each Unit consists of one common share of Northquest
and one-half of one share purchase warrant (each whole such share
purchase warrant, a "Warrant"). Each FT Unit consists of one
"flow through" common share of Northquest and one-half of one
Warrant. Each Warrant entitles the holder thereof to acquire
one additional common share of Northquest (which shall not be a
"flow through share") at an exercise price of $0.15 per share for a period of 24 months,
provided that if, at any time after April
24, 2014, the closing price of the common shares of
Northquest on the principal market on which such shares trade is
equal to or exceeds $0.35 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. Insiders of Northquest purchased an
aggregate of 90,909 FT Units and 150,000 Units in the Offering.
The Offering remains subject to the final
approval of the TSX Venture Exchange. All securities issued
and issuable in connection with the Offering are subject to a
statutory hold period expiring April 24,
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.