Mr. Garth Davis

January 06, 2011 09:44 ET

Garth Davis Acquires Securities of Northquest Ltd.

TORONTO, ONTARIO--(Marketwire - Jan. 6, 2011) - Mr. Garth Davis (the "Offeror"), Apartment 8, Alrawdah Compound, Alrawdah, Jeddah, Saudi Arabia, announces that he acquired ownership and control of 400,000 units ("Units") of Northquest Ltd. (the "Company") on December 22, 2010, each such Unit consisting of one common share of the Company and one-half of one common share purchase warrant (each whole such share purchase warrant, a "Warrant"), with each Warrant entitling the holder thereof to acquire one additional common share of the Company, representing approximately 1.9% of the issued and outstanding common shares of the Company as at December 22, 2010 (or approximately 2.8% on a partially diluted basis assuming exercise of the Warrants only).

Immediately following the transaction described above, the Offeror owns and controls an aggregate of 1,792,500 common shares of the Company and 867,000 convertible securities of the Company, inclusive of the Warrants (the "Convertible Securities"), representing approximately 8.4% of the issued and outstanding common shares of the Company immediately following the transaction described above (or approximately 11.9% calculated on a partially diluted basis, assuming the exercise of the 867,000 Convertible Securities only).

The Units were acquired in connection with a private placement of the Company completed on December 22, 2010. These transactions were effected for investment purposes and the Offeror could increase or decrease his investments in the Company at any time, or continue to maintain his current investment position, depending on market conditions or any other relevant factor. The Units were acquired for a purchase price of Cdn$0.70 per Unit for aggregate consideration of $280,000.

Additional Information

A copy of the applicable securities report filed in connection with the matters set forth above may be obtained by contacting:

Mr. Jon North
Tel: (416) 786-6348

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

  • Mr. Jon North
    (416) 786-6348