Quest Rare Minerals Ltd. (
TSX: T.QRM,
Stock Forum) said Friday it has completed a previously announced private placement financing with Ressources Quebec, raising $595,000.
The rare earths-focused company said the private placement was comprised of 4.6 million units priced at 13 cents per unit.
Each unit is comprised of one common share and one common share purchase warrant. Each warrant entitles the holder to acquire one additional share of Quest at 15 cents for four years.
Proceeds of the private placement are earmarked for working capital,
the company said in a press release.
Quest is currently focused on the development of its Lac Brisson rare earths element (REE) deposit located in northeastern Quebec.
Quest Rare Minerals shares eased 4.7% to 20 cents on Friday, leaving a market cap of $15.8 million, based on 78.8 million shares outstanding. The 52-week range is 50 cents and 9 cents.
Ressources Quebec is a wholly-owned subsidiary of the Investissement Quebec, an agency of the Quebec provincial government.
FULL DISCLOSURE: Quest Rare Minerals is a client of Stockhouse Publishing.