Silver Quest Resources Ltd. has closed the first tranche of its brokered private placement financing announced on June 28, 2011, for gross proceeds of $7,524,694 from the sale of 2,505,000 units at a price of $1 per unit and 4,364,952 common shares issued as flow-through shares for the purposes of the Income Tax Act (Canada) at a price of $1.15 per flow-through share. 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 company also closed its non-brokered private placement for gross proceeds of $2.3-million from the sale of 2.3 million units.

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.

In connection with the brokered offering, the agents received a cash commission equal to 6 per cent of the gross proceeds from sales to subscribers introduced to the brokered offering by the agents and options entitling the agents to acquire 396,897 common shares of the company. Each compensation option entitles the holder to purchase one common share at a price of $1.15 per share until 18 months from the closing date. The agents also received a cash commission equal to 3 per cent of the gross proceeds from sales to subscribers included on the company's president's list other than with respect to 45,000 units and 10,000 flow-through shares.

In connection with the non-brokered offering and subject to TSX Venture Exchange final approval, the company will pay to an arm's-length third party a finder's fee by issuing 138,000 units, being 6 per cent of the proceeds raised from the non-brokered offering, and compensation options equal to 6 per cent of the number of units sold pursuant to the non-brokered offering. Each non-brokered compensation option is exercisable to purchase one common share of the company at a price of $1.15 until 18 months from the closing date.

The agents have placed the rest of the units which will fulfill the entire private placement announced on June 28, 2011; however, the closing of this tranche requires a separate regulatory waiver, which is anticipated to be received shortly.

The net proceeds from the private placement will be used by the company for exploration

Het aandeel was C$ 1,11 +4ct en 376.500 sts omzet.