/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO
UNITED STATES NEWSWIRE SERVICE OR
FOR DISTRIBUTION IN THE UNITED
STATES/
VANCOUVER, BC, April 13, 2021 /CNW/ - QuestEx Gold &
Copper Ltd. (TSXV: QEX) ("QuestEx" or the
"Company") is pleased to announce that, further to its news
releases dated March 25 and
March 29, 2021, Newmont Corporation
("Newmont") has advised the Company that it will be
exercising its right to participate in QuestEx's non-brokered
private placement (the "Offering"). As a result of Newmont's
participation, Skeena Resources Ltd. ("Skeena") is further
increasing its subscription in the Offering. Gross proceeds from
the Offering are now expected to total $11,110,420, an increase of $2,224,420 from the previously announced
$8,886,000.
Joe Mullin, QuestEx's CEO
comments: "We welcome Newmont's participation in this
financing, which will result in Newmont maintaining its standing as
QuestEx's largest shareholder. This investment by Newmont, and an
increased investment from Skeena, will enable QuestEx to conduct
exploration campaigns on our large and highly prospective portfolio
of properties in 2021 and beyond. The additional funding will also
allow the technical team flexibility to upsize exploration programs
at KSP in the Golden Triangle, where we expect to produce a
National Instrument 43-101 maiden resource for the Inel gold
showing, and at the Sofia property
in the Toodoggone District where we plan to drill high-grade
gold-silver veins and porphyry copper-gold targets. The funding may
also support fall 2021 or spring 2022 exploration on QuestEx's
properties in southern British
Columbia."
Newmont will subscribe for 759,123 common shares to be issued on
a non flow-through basis under the Offering at a price of
$0.60 per common share ("NFT
Shares"). Newmont will also purchase an additional
1,666,667 common shares issued under the flow-through share portion
of the Offering ("FT Shares"). Newmont will maintain
its ownership interest at 16.13% of QuestEx's issued and
outstanding shares on completion of the Offering on a non-diluted
basis.
Skeena will subscribe for 469,910 NFT Shares as well as purchase
an additional 5,077,232 common shares issued as FT Shares in the
Offering. Skeena will have an ownership interest of 14.01% of
QuestEx's issued and outstanding shares on completion of the
Offering on a non-diluted basis.
The Company may pay finders fees to certain qualified
arm's-length parties in accordance with the policies of the TSX
Venture Exchange ("TSX-V"). The Offering remains subject to
satisfaction of all conditions precedent to completion of the
Offering and the approval of the TSX-V. All securities issued
in the Offering will be subject to a statutory hold period of four
months and a day from the closing date of the Offering.
This news release does not constitute an offer to sell or a
solicitation of an offer to sell any of the securities in
the United States. The securities
have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities
Act") or any state securities laws and may not be offered or
sold within the United States or
to U.S. Persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available.
We seek safe harbor.
About QuestEx
QuestEx Gold & Copper Ltd. is exploring for high-grade
gold and copper with a focus on the Golden Triangle and Toodoggone
areas of British Columbia. The
property portfolio includes the Company's flagship Castle property,
a porphyry copper-gold project located in the Red Chris mining
district of the Golden Triangle neighbouring GT Gold's Tatogga
property, and Newcrest Mining's GJ property. Other properties
include KSP, North ROK, ROK-Coyote, and Kingpin in the Golden
Triangle, Sofia in the Toodoggone
district, and Heart Peaks and Hit in other strategic districts
within British Columbia. These
assets are being advanced by a newly assembled technical and
management team with experience in exploration, permitting and
discovery.
ON BEHALF OF THE BOARD OF DIRECTORS OF QUESTEX GOLD &
COPPER LTD.
"Joseph Mullin"
Joseph Mullin
Chief Executive Officer and Director
Neither TSX-V nor its Regulation Services Provider (as that
term is defined in the policies of TSX-V) accepts responsibility
for the adequacy or accuracy of this release.
NR21-09
Forward-Looking Information
This news release
contains "forward-looking information" within the meaning of
applicable securities laws relating to the Offering and associated
transactions, including statements regarding the terms and
conditions of such transactions and the requisite conditions and
approvals. Forward-looking statements relate to future events or
future performance and reflect the expectations or beliefs
regarding future events of management of the Company. This
information and these statements, referred to herein as
"forward-looking statements", are not historical facts, are made as
of the date of this press release and include without limitation,
statements regarding discussions of future plans, estimates and
forecasts and statements as to management's expectations and
intentions with respect to, among other things, the amount of
securities to be purchased by Newmont and Skeena under the
Offering, the anticipated completion of the Offering and the
intended use of proceeds from the Offering. These
forward-looking statements involve numerous risks and uncertainties
and actual results might differ materially from results suggested
in any forward-looking statements. Important factors that may cause
actual results to vary include without limitation, risks relating
to the finalization of the terms of the Offering; risks associated
with any delays or difficulties encountered in respect of the
Offering; the timing and receipt of certain approvals, including
approval from the TSX-V; risks and uncertainties related to the
Offering not being completed in the event that the conditions
precedent thereto are not satisfied; delays in the receipt of
requisite approvals and changes in general economic conditions or
conditions in the financial markets. In making the forward-looking
statements in this press release, the Company has applied several
material assumptions, including without limitation, the receipt of
necessary consents and approvals and satisfaction of all conditions
precedent for the completion of the Offering in a timely
manner. The Company does not assume any obligation to update
the forward-looking statements, or to update the reasons why actual
results could differ from those reflected in the forward
looking-statements, unless and until required by applicable
securities laws. Additional information identifying risks and
uncertainties is contained in the Company's filings with the
Canadian securities regulators, which filings are available at
www.sedar.com.
SOURCE QuestEx Gold & Copper Ltd.