SILVER QUEST CLOSES SECOND TRANCHE OF PRIVATE PLACEMENT FOR GROSS PROCEEDS OF C$2.495M
Silver Quest Resources Ltd. has closed the second and final tranche of its brokered private-placement financing originally announced on June 28, 2011, for gross proceeds of $2,495,000 from the sale of 2,495,000 units at a price of $1.00 per unit.

Each unit consisted of one common share of the company and one-half of one common-share purchase warrant of the company. Each warrant entitles the holder thereof to purchase one common share at a price of $1.30 per share until 18 months from the closing date.

The brokered offering was conducted by a syndicate of agents led by Paradigm Capital Inc. that also included Stonecap Securities Inc. and Scotia Capital Inc. The entire brokered offering consisting of five million units and 4,364,952 flow-through shares at a price of C$1.15 per share, raised gross proceeds of $10,019,695. The Company also previously completed a non-brokered private placement of Units raising gross proceeds of $2.3 million on July 20, 2011.