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news.Quest PharmaTech has closed a non-brokered private placement with the sale of 6.38 million common shares at $0.15 and $0.1667 per share for net proceeds of $913,200, including $7,500 raised from an insider of the company.
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The company paid a 10% finder’s fee to a third party in connection with a portion of this private placement.
The common shares were issued to qualified purchasers in Alberta and outside of Canada in reliance upon exemptions from the applicable registration and prospectus requirements of securities legislation. The common shares are subject to a restricted period which expires four months from the date of issuance. The funds raised will be used for general corporate purposes over the coming months.
The company also announced the grant of 150,000 stock options to its three independent board members and 500,000 stock options to officers and employees. The exercise price of the options is $0.25. All allocations will be subject to approval of the TSX Venture Exchange.
Quest PharmaTech also announced the issuance of 240,000 common shares from treasury, to be allocated to the original inventors of Bionex related to a September 2001 technology purchase agreement. The common shares are subject to a restricted period which expires four months from the date of issuance.