Northquest Ltd.
TSX VENTURE : NQ

Northquest Ltd.

December 21, 2009 15:53 ET

Northquest Ltd. Announces Completion of Initial Public Offering

TORONTO, CANADA--(Marketwire - Dec. 21, 2009) - Northquest Ltd. (TSX VENTURE:NQ) ("Northquest") is pleased to announce that it has completed an initial public offering (the "Offering") pursuant to which it has issued an aggregate of 7,000,000 units ("Units") at a price of $0.20 per Unit to raise aggregate gross proceeds of $1,400,000, all pursuant to a final prospectus dated December 15, 2009. Each such Unit consists of one common share of Northquest and one share purchase warrant (a "Warrant"), each such Warrant entitling the holder thereof to acquire one additional common share of Northquest at an exercise price of $0.50 until December 21, 2014. Toll Cross Securities Inc. (the "Agent") acted as agent in the Offering, in connection with which it received an aggregate of 490,000 compensation warrants, each such compensation warrant entitling the holder to acquire one Unit at an exercise price of $0.20 per Unit until June 21, 2011. The Agent elected to receive an aggregate of 210,000 Units in satisfaction of $42,000 of commission to which it was entitled in connection with the Offering, with the balance of $56,000 of such commission payable in cash. Following the completion of the Offering, Northquest has 17,435,139 common shares issued and outstanding. Trading of the common shares and Warrants of Northquest on the TSX Venture Exchange is anticipated to commence at the opening of business on Wednesday, December 23, 2009. The common shares of Northquest will trade under the symbol "NQ", and the Warrants will trade under the symbol "NQ.WT".

Northquest is a mineral exploration company focused on the acquisition, exploration and development of properties for the mining of gold and other minerals. Northquest currently holds the option to acquire a 100% interest, subject to a 3% net smelter return royalty, in the gold exploration property known as the High Falls Project comprised of 13 unpatented mining claims covering an area of approximately 800 hectares located near Wawa, Ontario.

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.

Contact Information

  • Northquest Ltd.
    Mr. Jon North
    President and Chief Executive Officer
    (416) 786-6348