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2007-08-07 16:05 ET - News Release
Mr. Robert Weicker reports
SILVER QUEST RESOURCES LTD.: $1.2 MILLION NON-BROKERED PRIVATE PLACEMENT
Silver Quest Resources Ltd. has arranged a non-brokered private placement of up to three million units, at a price of 40 cents per unit, to raise total gross proceeds of up to $1.2-million. Each unit will consist of one common share of the company and one-half of one transferable common share purchase warrant. Each full warrant will be exercisable to acquire one additional share for a period of 18 months from closing at an exercise price of 60 cents per share. The company will pay to certain persons who locate subscribers for the offering a finder's fee equal to 5 per cent of the gross proceeds of the offering attributable to that finder, payable in cash. The proceeds of the offering are intended to finance exploration activities on the company's Santa Rosa (Mexico) and Corcoran Canyon (Nevada) silver projects, and for working capital and general corporate purposes.
The offering will not be qualified for sale to the public by way of prospectus, therefore all securities issued in connection with the offering will be subject to a four-month hold period in Canada from the closing of the offering. The offering and the finder fees are subject to completion and execution of appropriate documentation and acceptance for filing by the TSX Venture Exchange of the offering.
We seek Safe Harbor.