/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR FOR DISSEMINATION IN THE U.S./
TORONTO,
Nov. 26, 2014 /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 issued an aggregate of
10,000,000 common shares ("Shares") at a price of $0.12 per Share, to raise aggregate gross
proceeds of $1,200,000.
Nord Gold N.V. (LSE: NORD), an
insider of Northquest, exercised its right to maintain its 23.7%
interest in Northquest and purchased an aggregate of 3,075,000
Shares in the Offering for proceeds of $369,000. In addition, upon the completion
of this financing another major shareholder and prominent U.S.
resource investor, controls 6,500,000 common shares representing a
7.11% interest in Northquest on a fully-diluted basis.
Northquest issued an aggregate of 484,750 broker
warrants in connection with the Offering, each such broker warrant
being exercisable to acquire one Share at an exercise price of
$0.16 until November 26, 2016.
All securities issued pursuant to the Offering
are subject to a statutory hold period expiring on March 27, 2015. The Offering remains
subject to the final approval of the TSX Venture Exchange.
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.