Boston, MA 06/20/2014 (wallstreetpr) – Quest Rare Minerals Ltd Common Shares (Canada) (NYSEMKT:QRM) on June 4, 2014, announced that it has lodged a introductory short form prospectus for a fresh release of units in each of the provinces of Canada, for returns up to $5 million. It has been reported that the offering would be held via a group of agents co-headed by GMP Securities L.P. as well as Desjardins Securities Inc., including Jones, Gabe & Company Limited and Maison Placements Canada Inc.
Details about the Units:
Each of the Units would include one ordinary share plus one-half of an ordinary share purchase warrant of the company. All of the full warrants would permit its possessor to buy one extra common share of the company. Also, the Units would split into common shares as well as warrants right away upon the wrapping up of the offering. The issue price of the Units would be decided in the milieu of the market while lodging an ultimate short form prospectus in respect of the offering.
Net proceeds of the offering:
The net earnings from the offering will be utilized by the company mainly for a practicability study on its Strange Lake rare earth project located in north-eastern Quebec, as well for working capital. The company would offer an over-allotment possibility to the agents, exercisable for a span of 30 days after the conclusion of the offering. It would be done in order to assemble for buyers of extra Units in a highest number equivalent to 15% of the number of Units sold pursuant to the offering, only to include the agents’ over-allocation position, if any.
The closing of the offering:
The concluding of the offering was scheduled to occur within 30 days of the date of receiving for the ultimate short term prospectus in regard to the offering, or some other date decided by the company and its agents.
