GoldQuest Closes C$22,860,000 Strategic Investment with Agnico Eagle
GoldQuest Closes C$22,860,000 Strategic Investment with Agnico Eagle
VANCOUVER, BRITISH COLUMBIA --(Marketwired - March 8, 2017) - GoldQuest Mining Corp. (TSX
VENTURE:GQC)(FRANKFURT:M1W)(BERLIN:M1W) ( "GoldQuest" or the "Company") is pleased to
announce that the Company has closed its previously announced non -brokered private placement of
38,100,000 common shares of GoldQuest with Agnico Eagle Mines Limited ("Agnico") for a total
investment of C$22,860,000. The common shares were issued at a price of $0.60 per common share.
Agnico now owns approximately 15% of the issued and outstanding common shares of GoldQuest.
In connection with the private placement, Agnico and GoldQuest entered into an investor rights
agreement ("Investor Rights Agreeme nt") which grants Agnico the right to maintain its interest in
GoldQuest through participation in future equity financings of the Company and to, at its election,
nominate one person to the Company’s Board of Directors (and in the case of an increase in th e size of
the Board of Directors to 10 or more directors, two persons) . These rights may only be exercised by
Agnico if it owns at least a 10% interest in the Company (calculated in accordance with the Investor
Rights Agreement). Agnico has not elected t o exercise its director nomination right at this time.
Additionally, t he Investor Rights Agreement prohibits Agnico from taking certain actions, including
acquiring more than 19.99% of the issued and outstanding common shares of GoldQuest for a period of
two years, subject to certain exceptions.
Bill Fisher, Executive Chairman of GoldQuest, commented "We are pleased that we have now closed the
private placement with Agnico and look forward to their continued support of our company."
The proceeds from the private placement shall be primarily used for exploration and development at
the Company’s Dominican Republic properties and for general corporate and working capital purposes.
All common shares iss ued in the private placement are subject to a s tatutory four month hold period
expiring on July 9, 2017.
About GoldQuest
GoldQuest is a Canadian based mineral exploration company with projects in the Dominican Republic.
The Company is permitting the Romero Gold Copper project, following the publication of the Pre
Feasibility Study on November 11th, 2016, as well as drilling the surrounding Tireo district. GoldQuest is
traded on the TSX‐V under the symbol GQC and in Frankfurt/Berlin under the symbol M1W.
Forward‐looking statements:
Statements contained in this news release that are not historical facts are forward‐looking information
that involves known and unknown risks and uncertainties. Forward‐looking statements in this news
release include, but are not limited to, the future effect of certain agreements, t he intended use of
proceeds of the private placement and the future development of the Romero Project. In certain cases,
forward‐looking statements can be identified by the use of words such as "plans", "potential", "future",
"look forward to", "ongoing" and similar expressions, or that events or conditions "will", "would",
"may", "could" or "should" occur . Forward-looking statements are necessarily based upon the current
belief, opinions and expectations of management that, while considered reasonable by the Company,
are inherently subject to significant business, economic, competitive, political and social uncertainties
and other contingencies. Many factors could cause the Company's actual results to differ materially
from those expressed or implied in the forward -looking statements. These factors include, among
others, the assumptions and risks associated with the results of the PFS, timeliness and success of
regulatory approvals, market prices, metal prices, availability of capital and financing, general economic,
market or business conditions, as well as other risk factors set out under the heading "Risk and
Uncertainties" in the Management’s Discussion and Analysis dated September 30, 201 6, which is
available on SEDAR at www.sedar.com. Investors are cautioned not to put undue reliance on forward -
looking statements due to the inherent uncertainty therein.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news
release.
CONTACT INFORMATION
GoldQuest Mining Corp.
www.goldquestcorp.com
GoldQuest Mining Corp.
Julio Espaillat
President & Chief Executive Officer
+1‐829‐919‐8701
GoldQuest Mining Corp.
Bill Fisher
Executive Chairman - Toronto
+1‐647‐271‐4505
GoldQuest Mining Corp.
Katherine Fedorowicz – Investor Relations
1-877-919-5979