/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE U.S./
TORONTO, June 17, 2014 /CNW/ - Northquest Ltd. (TSX-V:NQ)
("Northquest") is pleased to announce that it has received
the shareholder approval required by the TSX Venture Exchange to
complete its private placement of units at a price of $0.20 per unit (the "$0.20 Offering"). Further to its news release
dated June 9, 2014, the $0.20 Offering will result in Nord Gold N.V. (LSE:NORD) ("Nordgold")
becoming a new control person of Northquest and is expected to
occur on or about July 14, 2014.
Completion of the $0.20 Offering
remains subject to Nordgold's completion of satisfactory due
diligence.
Jon North, President and CEO
said, "I am delighted that we received shareholder approval for the
Nordgold transaction as quickly as we did and that it did not
require a shareholder meeting. We look forward to this year's fully
funded exploration program with our new partner Nordgold."
Northquest is also pleased to announce that it has issued an
additional 500,000 units (the "Units) at a price of
$0.18 per Unit to raise additional
aggregate gross proceeds of $90,000.
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 18, 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 today's
additional issuance of Units are subject to a statutory hold period
expiring on October 18, 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.