Northquest Ltd.
TSX VENTURE : NQ

Northquest Ltd.

December 16, 2010 16:21 ET

Northquest Ltd. Announces Additional Increase in Private Placement Financing

TORONTO, ONTARIO--(Marketwire - Dec. 16, 2010) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Northquest Ltd. (TSX VENTURE:NQ) ("Northquest") is pleased to announce that in connection with its previously announced private placement (the "Offering") of (i) up to 1,428,571 units ("Units") at a price of $0.70 per Unit; and (ii) up to 2,105,263 "flow through" units ("FT Units") at a price of $0.95 per FT Unit, Northquest propose to further increase the size of the Offering by up to an additional 1,428,571 Units. Accordingly, Northquest will now issue (i) up to 2,857,142 Units at a price of $0.70 per Unit; and (ii) up to 2,105,263 FT Units at a price of $0.95 per FT Unit, to raise aggregate gross proceeds of up to approximately $4,000,000. All other terms of the Offering remain the same as previously announced.

The private placement remains subject to the approval of the TSX Venture Exchange. 

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.

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.
    Jon North
    President and Chief Executive Officer
    (416) 786-6348