Copper Quest increases, closes $2.1M unit offering

Copper Quest Exploration has increased and closed its previously announced non-brokered private placement for total gross proceeds of $2,099,890 through the issuance of 16,513,000 units at a price of $0.13 per Unit. Each Unit consists of one common share in the capital of the Company and one Share purchase warrant, whereby each Share purchase warrant shall be convertible into an additional Share at an exercise price of C$0.165 per Warrant Share. Each Warrant shall expire on the date that is two years following the date of issuance. The Expiry Date of the Warrants may be accelerated if the closing price of the Shares on any Canadian stock exchange equals or exceeds $0.50 for ten consecutive trading days at any time following the date that is four months and one day after the date of issue of the Warrants, such that the Warrants shall expire on the date which is 30 calendar days following the date a news release is issued by the Company announcing the accelerated expiry date of the Warrants. Proceeds from the Private Placement are intended for exploration activities and general working capital purposes. Closing of the Private Placement is subject to the receipt of all necessary regulatory and other approvals. Fees of $113,405.28 are to be paid and 872,348 finder’s warrants issued to certain finders in connection with the Offering. Each Finder’s Warrant is exercisable into one Share for a period of two years after the date of issuance at an exercise price of $0.165 and includes the same accelerator provision.