GoldQuest Closes First Tranche of Private Placement

Core Viewpoint - GoldQuest Mining Corp. has successfully closed the first tranche of its non-brokered private placement, raising approximately C$30 million to support its development activities and exploration efforts [1][3][5]. Private Placement Details - The private placement was increased to a maximum of 34,710,743 units at a price of C$1.21 per unit, aiming for total gross proceeds of up to approximately C$42 million [2]. - Under the first tranche, the company issued a total of 24,793,388 units, raising gross proceeds of C$29,999,999.48 [3]. - Each unit consists of one common share and one-half of a common share purchase warrant, with each whole warrant exercisable at C$1.80 for a period of 24 months [3]. Financial Arrangements - A cash finder's fee of approximately C$1,499,999.97 was paid to Milenio Partners, S.A. in connection with the first tranche [4]. - The private placement is subject to final acceptance by the TSX Venture Exchange, and all issued shares and warrants are subject to a four-month statutory hold period [4]. Use of Proceeds - The proceeds from the private placement are expected to be utilized for early development activities at the Romero project, expansion of greenfield exploration drilling, and general corporate purposes [5]. Insider Participation - Insiders of the company are expected to acquire 150,000 units under the second tranche of the private placement, which is considered a related party transaction [6].