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Quest Rare Minerals raising up to C$8M for Strange Lake

Quest Rare Minerals Ltd. is undertaking a private placement of special warrants to raise up to C$8 million, with Secutor Capital Management Corp. acting as agent.

The offering will comprise between 25 million and 37.5 million special warrants priced at 20 cents apiece, raising between C$5 million and C$7.5 million, according to the company's Jan. 27 statement.

In addition, the company granted Secutor an option to sell up to an additional 2.5 million special warrants for additional proceeds of C$500,000.

Each special warrant may be exchanged for 1 common share and 1 share purchase warrant, exercisable at 27.5 cents per share for three years from closing, which is expected to occur Feb. 9.

Quest Rare Minerals will use the proceeds for a full-scale pilot plant project and process optimization at its Strange Lake rare earths project, as well as for working capital and general corporate purposes.

Strange Lake comprises a feasibility-stage property in Quebec as well as an early stage property in Newfoundland and Labrador.