Mr. Wayne Beach

December 22, 2010 17:31 ET

Wayne Beach Acquires Securities of Northquest Ltd.

TORONTO, ONTARIO--(Marketwire - Dec. 22, 2010) - Mr. Wayne Beach (the "Offeror"), 36 Toronto Street, Suite 1000, Toronto, Ontario, M5C 2C5, announces that he acquired ownership and control of 214,285 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% of the issued and outstanding common shares of the Company as at December 22, 2010 (or approximately 1.5% 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 2,330,285 common shares of the Company and 1,677,142 convertible securities of the Company, inclusive of the Warrants (the "Convertible Securities"), representing approximately 10.9% of the issued and outstanding common shares of the Company immediately following the transaction described above (or approximately 17.3% calculated on a partially diluted basis, assuming the exercise of the 21,030,000 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 $149,999.50. The Units were acquired by the Offeror pursuant to the prospectus exemption set forth in Section 2.3 of National Instrument 45-106, on the basis that the Offeror is an accredited investor, as defined thereby.

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

  • A copy of the applicable securities report filed in
    connection with the matters set forth above
    may be obtained by contacting:
    Mr. Wayne Beach
    (416) 350-2356