Quest Uranium Corporation

Quest Uranium Corporation

July 17, 2009 09:30 ET

Quest Uranium Announces Final Closing of $600,000 Private Placement

- Issues 1,714,279 Flow-Through Shares at $0.35 per Share - Private Placement Fully Subscribed

TORONTO, ONTARIO--(Marketwire - July 17, 2009) - Quest Uranium Corporation (TSX VENTURE:QUC) announces that it has completed its previously-announced private placement (see Press Release : June 26, 2009) by issuing an aggregate of 1,714,279 "flow-through" common shares to accredited investors, officers and directors of Quest at a price of $0.35 per share, for gross proceeds to Quest of $600,000.

Quest will use the proceeds from the private placement for exploration on its properties located in the Province of Quebec and elsewhere in Canada. In connection with the private placement, Quest paid a finder's fee to National Bank Financial Inc. and CIBC World Markets Inc. for an aggregate amount of $17,724, representing 6 per cent of the proceeds raised.

As a result of the private placement, there are 36,834,198 common shares of Quest issued and outstanding. Under applicable securities legislation, the common shares issued in the private placement are subject to a four-month hold period, expiring on November 18, 2009.

About Quest Uranium

Quest Uranium Corporation is a Canadian-based, exploration company focused on the identification and discovery of new world-class uranium and REE deposit opportunities. The company is publicly-listed on the TSX Venture Exchange as "QUC" and is led by a highly-respected management and technical team with a proven mine-finding track record. Quest is currently advancing several high-potential projects in Canada's top frontier exploration areas: the George River Belt of northeastern Quebec, the Kenora area of northwestern Ontario and the Plaster Rock area of northwestern New Brunswick. Quest is also actively pursuing additional, high-potential project opportunities throughout North America as a supplement to its strong property portfolio.

This press release may contain "forward-looking statements". Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward looking statements".

Neither 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 the release.

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