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Quest PharmaTech Inc Announces $1,000,000 Non-Brokered Private Placement


Thursday, 21 Nov 2013 12:57pm EST 

Quest PharmaTech Inc announced that it plans to close a non-brokered private placement of 10,000,000 units of the Company at a price of $0.10 per unit. Each unit will be comprised of one common share and one common share purchase warrant. Each whole warrant will be exercisable into common shares at a price of $0.15 per common share. The warrants will expire two years from the date of issuance. The private placement will be made to Mr. Hong-Gul Cheong, a resident of South Korea, in reliance upon applicable exemptions from the registration and prospectus requirements of such jurisdiction and is subject to regulatory approval, including approval of the TSX Venture Exchange. The shares issued will be subject to a four month hold period. Mr. Cheong currently does not own any Quest's common shares. Upon issuance of the shares under this private placement, and including exercise of the warrants, Mr. Cheong will own approximately 18% of the common shares of Quest on a fully diluted basis, and therefore will be considered an insider of Quest by virtue of owning greater than 10% of the Company's outstanding common shares. The Company plans to use the proceeds of the $1,000,000 financing primarily for its drug development program and general corporate purposes. During the second quarter of this year, $2,000,000 of funding was also received under the Company's $12,000,000 Investment Agreement dated May 13, 2013. 

Company Quote

0.045
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22 Jul 2014