Lithoquest Resources Inc (CVE:LDI) announced Friday it had closed a non-brokered private placement that netted the company nearly C$240,000.
The offering consisted of 2,980,000 units at a price of $0.08 per unit for gross proceeds of $238,400.
Each unit consisted of one common share of the company and one full warrant, entitling the holder to acquire an additional common share of the company at an exercise price of $0.12 each for a period of 24 months from the date of issuance.
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Vancouver-based Lithoquest added it had paid aggregate cash finders' fees of $5,376 to arm's length finders, representing 6% of the proceeds raised from subscriptions by certain placees introduced by the finders.
Shares acquired by the places and any warrant shares acquired through the exercise of warrants, are subject to a hold period until July 6, 2021.
Proceeds from the offering will be used for working capital.
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