26 July 2013capital raising announcement● NeutralMajor
Quest closed a fully subscribed private placement raising $2,741,948 gross: 4,065,360 flow-through shares at $0.55 ($2,235,948) and 1,012,000 units at $0.50 ($506,000). Each unit has one share and a half warrant, each full warrant buying a share at $0.80 until January 25, 2015. The flow-through money is for Québec exploration and the unit money for working capital; Quest now has 67,237,044 shares outstanding. This is the first new equity raised since the October 2010 financing cited earlier in the company's history (the earlier annual report said no new money was raised in fiscal 2011).
What it means for a shareholder
1.0m new shares at $0.500 to raise about $506,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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