GoldQuest Closes Third and Final Tranche of Private Placement for Gross Proceeds of Approximately C$3.3 Million

Executive Summary

• GoldQuest Mining Corp. closed the third and final tranche of its non‑brokered private placement, issuing 2,744,542 units at C$1.21 per unit for approximately C$3.3 million in gross proceeds.
• The total amount raised across all three tranches now stands at roughly C$42 million, providing funding for early development at the Romero project, expanded greenfield drilling, and general corporate purposes.
• Units consist of one common share plus half a warrant (full warrant exercisable at C$1.80 per share for 24 months); cash finder’s fees of C$166,045 were paid to placement agents.

Key Details

• Third Tranche issuance: 2,744,542 units @ C$1.21/unit → ~C$3.3 million gross proceeds.
• Unit composition: 1 common share + ½ warrant (full warrant exercisable at C$1.80/share, 24‑month term).
• Aggregate placement size: 34,710,743 units issued across three tranches; total gross proceeds ≈ C$42 million.
• Cash finder’s fees paid: C$100,000.45 to Paradigm Capital Inc.; C$66,044.34 to Milenio Partners, S.A. (both arm’s‑length parties).
• Statutory hold period: All common shares and warrants subject to a four‑month hold under Canadian securities law.
• Use of proceeds: Early development activities at the Romero project, expansion of greenfield exploration drilling, and general corporate purposes.

Notable Quotes

• “The successful completion of this private placement provides us with the capital needed to advance our flagship Romero project and broaden our exploration footprint,” – Luis Santana, Chief Executive Officer.