RedQuest Capital Corp.

February 25, 2011 09:30 ET

RedQuest Capital Corp. Completes Initial Public Offering

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 25, 2011) - RedQuest Capital Corp. (the "Company"), a capital pool company, is pleased to announce that it has completed its initial public offering (the "Offering").

The Company issued an aggregate of 3,000,000 common shares of the Company to purchasers in British Columbia, Alberta and offshore jurisdictions at a purchase price of $0.10 per share for gross proceeds to the Company of $300,000. Canaccord Genuity Corp. acted as agent in respect of the Offering and received a cash commission of $30,000, an administration fee as well as a non-transferable warrant to acquire an aggregate of up to 300,000 common shares for a period of two years from the date of the listing of the common shares of the Company on the TSX Venture Exchange at an exercise price of $0.10 per share.

The Company is a capital pool company ("CPC") within the meaning of the policies of the TSX Venture Exchange. The Company has not commenced operations and has no assets other than cash. The Company will use the net proceeds of the Offering to identify and evaluate potential Qualifying Transactions pursuant to the policies of the TSX Venture Exchange.

It is expected that the Company's common shares will commence trading on the TSX Venture Exchange at the opening of the market on March 2, 2011 under the trading symbol "RQM.P".

The directors of the Company are Guy Le Bel, M.Sc., MBA, Ing., Brian P. Fowler, P.Geo, Andre Le Bel, LL.B and Darren O'Brien, P.Geo. Brian P. Fowler is also the CEO of the Company, Larry Okada, CA, is CFO, Harmen Keyser, P.Geol., is Vice President and Kimberly Williams, B.A.Sc. is the Corporate Secretary of the Company.

ON BEHALF OF THE BOARD

Brian P. Fowler, Chief Executive Officer

This press release includes "forward-looking statements" that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding listing of the Company's common shares on the TSXV are subject to all of the risks and uncertainties normally incident to such events. Investors are cautioned that any such statements are not guarantees of future events and that actual events or developments may differ materially from those projected in the forward-looking statements. Such forward-looking statements represent management's best judgment based on information currently available.

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

  • RedQuest Capital Corp.
    Kimberly Williams
    604-646-1596