Quest Rare Minerals prices offering for $46.5-million

2010-10-07 09:00 ET - News Release

Mr. Peter Cashin reports

QUEST RARE MINERALS ANNOUNCES PRICING OF NEW $46.5 MILLION SHARE ISSUE; OFFERING TO CONSIST OF UNITS AT $4.25 AND "FLOW-THROUGH" SHARES AT $5.00, OFFERED SEPARATELY; EACH UNIT TO CONSIST OF ONE COMMON SHARE AND ONE-HALF OF A WARRANT, WITH AN EXERCISE PRICE OF $5.00

Quest Rare Minerals Ltd. has agreed with Dundee Securities Corp., CIBC World Markets Inc. and Stonecap Securities Inc. to the pricing of Quest's previously announced new issue of units and flow-through common shares. The offering will be in an amount of $46.5 million.

The Agents will offer, on a best-efforts basis, 8,235,300 Units at a price of $4.25 per unit, for gross proceeds to Quest of $35 million, and 2,300,000 Flow-Through Shares at a price of $5.00 per share, for gross proceeds to Quest of $11.5 million.