/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR
DISTRIBUTION TO UNITED STATES
NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./
TORONTO,
June 13, 2014 /CNW/ - Northquest Ltd.
(TSX-V:NQ) (FWB-N3Q) ("Northquest" or the "Company") announces that
it will make an application to the TSX Venture Exchange (the
"TSXV") to extend the term of certain of its outstanding share
purchase warrants. Northquest currently has outstanding, amongst
other securities, (i) an aggregate of 1,321,250 share purchase
warrants ("Series 2012 Warrants") which were originally issued in
connection with the issuance of hard dollar units of Northquest on
July 25, 2012, and are currently
exercisable at $0.50 per share until
July 25, 2014, subject to
acceleration if the closing price of the common shares of the
Company on the principal market on which such shares trade is equal
to or exceeds $1.00 for 20
consecutive trading days, in accordance with the terms thereof (the
"Acceleration Provisions"); (ii) an aggregate of 1,180,000 share
purchase warrants ("Series 2012 FT Warrants") which were originally
issued in connection with the issuance of flow-through units of
Northquest on July 25, 2012, and are
currently exercisable at $0.50 per
share until July 25, 2014, subject to
the Acceleration Provisions; and (iii) an aggregate of 59,374
Series 2012 Warrants which were issued upon the exercise of certain
broker warrants of the Company. The Company will apply to
extend the expiry dates of each of the Series 2012 Warrants and
Series 2012 FT Warrants to July 25,
2015, subject to the Acceleration Provisions (the "Warrant
Amendments"). The exercise price of the Series 2012 Warrants
and Series 2012 FT Warrants will remain the same.
The Warrant Amendments have been approved by the
board of directors of Northquest. The Warrant Amendments remain
subject to TSXV approval.
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.
Forward Looking Statements - Certain
information set forth in this news release may contain
forward-looking statements that involve substantial known and
unknown risks and uncertainties. These forward-looking statements
are subject to numerous risks and uncertainties, certain of which
are beyond the control of Northquest, including, but not limited to
the impact of general economic conditions, industry conditions,
volatility of commodity prices, currency fluctuations, dependence
upon regulatory approvals, and the availability of financing.
Readers are cautioned that the assumptions used in the preparation
of such information, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements.
SOURCE Northquest Ltd.