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TSXV: QEX
VANCOUVER, BC, Sept. 28, 2020 /CNW/ - QUESTEX GOLD &
COPPER LTD. (TSXV: QEX) ("QuestEx)" or the
"Company"), formerly Colorado Resources Ltd., is pleased to
announce that it has closed the non-brokered private placement (the
"Offering") previously announced on August 26, 2020. Due to strong investor demand,
the Company increased the gross proceeds of the Offering from
$1,500,000 to $1,773,475 by issuing a total of 2,533,535 units
(the "Units") at an issue price of $0.70.
Joe Mullin, CEO of QuestEx
Gold & Copper comments: "We are pleased with the strong
investor support QuestEx has received in this private placement and
I would like to thank our team and strong shareholder base. We are
excited to use these funds to continue to unlock the value that we
know is contained on our large land package in the Golden Triangle
area of British Columbia."
Each Unit consisted of one common share of the Company and
one-half of one common share purchase warrant. Each whole warrant
entitles the holder to acquire an additional common share of
QuestEx at an exercise price of $1.00
per share, with an expiry of two years from the date of
issuance.
Finders acting in connection with the Offering received
aggregate cash fees of $47,040 and a
total of 31,200 finders' warrants, with the warrants having the
same terms as those in the Offering.
The net proceeds from the Offering will be used for working
capital purposes. All securities in connection with the Offering
are subject to a four month hold period that expires January 29, 2021. The Offering remains subject to
final approval of the TSX Venture Exchange.
Certain Directors of the Company subscribed directly or
indirectly for 192,649 Units in the private placement. The
transaction is exempt from the formal valuation and minority
shareholder approval requirements of Multilateral Instrument 61-101
("MI 61-101") in reliance on the exemptions set forth in
sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair
market value of the securities to be distributed in the Offering
nor the consideration to be received for those securities, in so
far as the Offering involves the insiders, exceeds 25% of the
market capitalization. The Board of Directors approved the Offering
by resolution on which the Directors did not vote with respect to
their participation in the Offering.
Technical Advisor Appointments
QuestEx is pleased to
announce the appointment of two new technical advisors:
JoAnne Nelson, an emeritus BC
Geological Survey geologist and leading expert on tectonics and
metallogeny and John Bradford, an
international mineral deposits expert.
Tony Barresi, President of
QuestEx Gold & Copper comments: "We are delighted to
have attracted technical advisors of JoAnne and John's high
calibre. Combined they have over 70 years of mineral deposit
research and exploration experience, and both have expansive
knowledge of the Golden Triangle and deep understandings of ore
genesis. Their experience and expertise, along with those of
QuestEx's existing technical advisors, James Oliver and Todd
Ballantyne, will be valuable in deciphering the geological
controls on mineralization within QuestEx's property portfolio, so
that shareholder value can be enhanced through efficient and
scientifically justified exploration."
JoAnne Nelson Biography:
JoAnne Nelson, B.Sc. University of Washington, M.Sc. UBC, spent most of
her career (1986-2018) as a project geologist with the BC
Geological Survey. This long tenure and a series of
publicly-supported field programs allowed her to study in depth a
wide variety of tectonic and metallogenetic regimes throughout
northern British Columbia
including an ongoing project on tectonic and structural controls of
gold and copper mineralization in the Golden Triangle. Now
Emeritus, she continues to publish in peer-reviewed journals and
keenly follows developments in exploration and research. In 2013
JoAnne was listed in the top 100 Global Inspirational Women in
Mining by the United Kingdom's
Standard Bank, in 2015 she was recognized with the Gold Pick Award
by the Kamloops Exploration Group, in 2016 she was given a Special
Tribute from the Association for Mineral Exploration BC, in 2017
she was awarded the Canadian Provincial/Territorial Geologist of
the Year Medal and in 2018 she was awarded the Howard Street
Robinson Medal by the Geological Association of Canada.
John Bradford Biography:
John
Bradford brings over 35 years of international mineral
exploration experience. He has an M.Sc (Geology) from the
University of British Columbia (1988)
and is a Professional Geoscientist (APEGBC, 1993). He has worked
for a variety of public and private companies in senior management
roles. His geological expertise ranges from project generation and
evaluations to project management. He has worked throughout the
Canadian Cordillera as well as eastern Canada, Nevada, Mexico, South
America and China.
Stock Option Grant
QuestEx further announces that in
accordance with the terms of its 10% rolling Stock Option Plan, it
has granted 935,130 stock options, subject to regulatory approval,
to Directors, Officers, employees and consultants of the Company.
Each stock option is exercisable into one common share of the
Company at an exercise price of $1.00
per share with an expiry of September 28,
2025.
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, 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
NR 20-19
Cautionary Note Regarding Forward-Looking
Statements
All statements, trend analysis and other information
contained in this press release about anticipated future events or
results constitute forward-looking statements. Forward-looking
statements are often, but not always, identified by the use of
words such as "seek", "anticipate", "believe", "plan", "estimate",
"expect" and "intend" and statements that an event or result "may",
"will", "should", "could" or "might" occur or be achieved and other
similar expressions. All statements, other than statements of
historical fact, included herein, are forward-looking statements.
Although the Company believes that the expectations reflected in
such forward-looking statements and/or information are reasonable,
undue reliance should not be placed on forward-looking statements
since the Company can give no assurance that such expectations will
prove to be correct. These statements involve known and unknown
risks, uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated in
such forward-looking statements, including the risks, uncertainties
and other factors identified in the Company's periodic filings with
Canadian securities regulators as well as the risk that the ongoing
COVID-19 pandemic may have on the Company's business. Important
factors could cause actual results to differ materially from
QuestEx expectations. Forward-looking statements are based on
estimates and opinions of management at the date the statements are
made. QuestEx does not undertake any obligation to update
forward-looking statements except as required by applicable
securities laws. Investors should not place undue reliance on
forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Questex Gold & Copper Ltd.
