GoldQuest Closes First Tranche of Private Placement
GoldQuest Closes First Tranche of Private
Placement
Vancouver, British Columbia--(Newsfile Corp. - December 23, 2025) - GoldQuest Mining Corp. (TSXV:
GQC) (OTCQX: GDQMF) ("GoldQuest" or the "Company") is pleased to announce the closing of the first
tranche (the "First Tranche") of its previously announced non-brokered private placement (the "Private
Placement") of units of the Company (the "Units"), originally announced on December 16, 2025.
As previously announced, the Private Placement was increased to a maximum of 34,710,743 Units at a
price of C$1.21 per Unit, for total gross proceeds of up to approximately C$42 million.
Each Unit is comprised of one common share of the Company (a "Common Share") and one-half of one
Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will be exercisable
to purchase one Common Share at an exercise price of C$1.80 per Common Share for a period of 24
months from the applicable closing of the Private Placement.
Under the First Tranche, the Company issued a total of 24,793,388 Units at a price of C$1.21 per Unit,
raising gross proceeds of C$29,999,999.48.
In connection with the First Tranche, the Company paid a cash finder's fee of approximately
C$1,499,999.97 to Milenio Partners, S.A., an arm's length party.
The Private Placement remains subject to final acceptance of the TSX Venture Exchange (the "TSX-V").
All Common Shares and Warrants issued pursuant to the Private Placement are subject to a four-month
statutory hold period under applicable Canadian securities laws.
The Company expects to use the proceeds of the Private Placement for early development activities at
the Romero project, expansion of greenfield exploration drilling, and general corporate purposes.
Insider Participation and MI 61-101 Disclosure
Insiders of the Company are expected to acquire 150,000 Units (C$181,500) under the second tranche
of the Private Placement. Such insider participation constitutes a "related party transaction" as defined
under TSX-V Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in
Special Transactions ("MI 61-101"). The Company is relying on exemptions from the formal valuation
and minority shareholder approval requirements of MI 61-101, as neither the fair market value of the
securities to be acquired by insiders, nor the consideration paid by them, exceeds 25% of the
Company's Market Capitalization.
About GoldQuest Mining Corp.
GoldQuest Mining Corp. is a Canadian exploration and development company with strong participation
from Dominican investors, focused on advancing its gold and copper assets in the Dominican Republic.
The Company has a Board of Directors and management team with prior experience developing and
operating a mine in the country.
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, statements with respect to the size of the Private Placement, the
second tranche of the Private Placement, receipt of TSX-V approval, the use of proceeds raised under
the Private Placement, the Company's plans with respect to the Romero project and focus on advancing
its assets in the Dominican Republic. In certain cases, forward-looking statements can be identified by
the use of words such as "plans", "looks forward", "has proven", "expects" or "does not expect", "is
expected", "potential", "likelihood", "appears", "budget", "scheduled", "estimates", "forecasts", "at
least", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and
phrases or state that certain actions, events or results "may", "could", "would", "should", "might" or "will
be taken", "occur" or "be achieved".
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the Company to be materially different from
any future results, performance or achievements expressed or implied by the forward-looking
statements. Such risks and other factors include, among others, risks related to receiving TSX-V
approval; the implementation, application and interpretation of the recent changes to the Dominican
Republic's environmental regulations; risks related to the ability of the Company to advance and
complete a Feasibility study, Environmental and Social Impact Assessment and other studies on the
Romero project; economic and political conditions globally and in the Dominican Republic; uncertainties
inherent in drill results and the estimation of mineral resources; commodity prices; changes in general
economic conditions; market sentiment; currency exchange rates; the Company's ability to continue as a
going concern; the Company's ability to raise funds through equity financings; risks inherent in mineral
exploration; risks related to operations in foreign countries; future prices of metals; failure of equipment
or processes to operate as anticipated; accidents, labor disputes and other risks of the mining industry;
delays in obtaining governmental approvals; government regulation of mining operations; environmental
risks; title disputes or claims; limitations on insurance coverage and the timing and possible outcome of
litigation. Although the Company has attempted to identify important factors that could affect the
Company and may cause actual actions, events or results to differ materially from those described in
forward-looking statements, there may be other factors that cause actions, events or results not to be as
anticipated, estimated or intended. There can be no assurance that forward-looking statements will
prove to be accurate, as actual results and future events could differ materially from those anticipated in
such statements. Accordingly, do not place undue reliance on forward-looking statements. All statements
are made as of the date of this news release and the Company is under no obligation to update or alter
any forward-looking statements except as required under applicable securities laws. Forward-looking
statements are based on assumptions that the Company believes to be reasonable, including
expectations regarding mineral exploration and development costs; expected trends in mineral prices
and currency exchange rates; the accuracy of the Company's current mineral resource estimates; that
the Company's activities will be in accordance with the Company's public statements and stated goals;
that there will be no material adverse change affecting the Company or its properties; that all required
approvals will be obtained and that there will be no significant disruptions affecting the Company or its
properties.
For further information, please contact:
Luis Santana, Chief Executive Officer
1 (809) 224-0629
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/278929