MarketwireGoldQuest Mining Corp.August 21, 2012 - 09:36:39 AMGoldQuest Mining Closes $15 Million Bought Deal Private PlacementVANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 21, 2012) - NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION,DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, INOR INTO THE UNITED STATES.GoldQuest Mining Corp. (the "Company") (TSXVENTURE:GQC)(FRANKFURT:M1W)(BERLIN:M1W) today announced the closing of thebought deal private placement previously announced on July 31, 2012. DundeeSecurities Ltd. (the "Lead Underwriter"), on behalf of a syndicate ofUnderwriters including Stifel Nicolaus Canada Inc., Clarus Securities Inc.,GMP Securities L.P., and Raymond James Ltd. (the "Underwriters"), sold12,000,000 common shares (the "Shares") at a price per Share of $1.25 fortotal gross proceeds of $15,000,000 (the "Offering"). As part of the Offering,the Underwriters exercised their option (the "Option") to purchase anadditional 4,000,000 Shares of the Offering.In connection with the Offering, the Underwriters received a cash commissionequal to 6.0% of the gross proceeds raised under the Offering (inclusive ofthe Option) and that number of non-transferable broker warrants ("BrokerWarrants") as is equal to 6.0% of the number of Offered Securities sold(inclusive of the Option). Each Broker Warrant will be exercisable into oneShare of the Company, for a period of 24 months from the Closing Date at aprice of $1.25 per Share.The securities issued pursuant to the Offering are subject to a hold periodexpiring on December 22, 2012.The net proceeds will be used to advance the exploration and development ofthe Company's gold assets in the Dominican Republic and for general corporatepurposes.The securities offered have not been, and will not be, registered under theU.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or anyU.S. state securities laws, and may not be offered or sold in the UnitedStates or to, or for the account or benefit of, United States persons absentregistration or any applicable exemption from the registration requirements ofthe U.S. Securities Act and applicable U.S. state securities laws. This pressrelease shall not constitute an offer to sell or the solicitation of an offerto buy securities in the United States, nor shall there be any sale of thesesecurities in any jurisdiction in which such offer, solicitation or sale wouldbe unlawful.About GoldQuestGoldQuest is a Canadian based mineral exploration company with projects in theDominican Republic traded on the TSX-V under the symbol GQC.V and inFrankfurt/Berlin with symbol M1W, with 139,975,267 shares outstanding(153,048,601 on a fully diluted basis).