NR VANCOUVER, British Columbia, Nov. 20, 2024 (GLOBE NEWSWIRE) -- GoldQuest Mining Corp. (TSXV:GQC, “GoldQuest” or the “Company”) is pleased to announce the successful completion of a non-brokered private placement (the “Private Placement”), raising gross proceeds of C$8,698,950.88 through the issuance of 45,783,952 common shares of the Company at a price of C$0.19 per share. Following the Private Placement, the Company’s cash on hand will exceed C$15 million.
The funds raised will be allocated toward:
- Advancing exploration across the Company’s highly prospective Tireo Formation properties;
- Progressing the permitting process, including the Environmental and Social Impact Assessment (“ESIA”) for the Romero project;
- Updating the Company’s Pre-Feasibility Study to a definitive Feasibility Study in preparation for the development of the Romero project;
- Working capital and general corporate purposes.
GoldQuest’s efforts have been bolstered by recent adjustments to the Dominican Republic’s environmental regulations, which now allow advanced mining projects, such as the Romero gold-copper project, to submit ESIA applications directly to the Ministry of Environment and Natural Resources (see press release dated November 12, 2024).
GQC Board Appointment
In connection with the closing of the private placement, the Company has appointed Mr. Charles Reid to its board of directors.
Charles Reid is a seasoned professional specializing in asset recovery and project development in the Dominican Republic. As Project Leader at DAF Management, he focuses on monetizing distressed assets and developing innovative real estate and business ventures.
With experience at Grupo SID in finance, HR, and marketing, Charlie has led key initiatives in mergers, feasibility studies, and product distribution. He holds a Bachelor’s in Management from Bentley University and a Master’s in Administrative Studies from Boston University. Fluent in English and Spanish, he brings strategic expertise to local and international markets.