Lithoquest Diamonds Announces Non-Brokered Private Placement
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NEWS RELEASE
May 23, 2019
TSX-V: LDI
Lithoquest Diamonds Announces Non-Brokered Private Placement
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES
VANCOUVER, B.C., May 23, 2019 – Lithoquest Diamonds Inc. (TSX-V : LDI) (“Lithoquest”, or the
“Company”) today announced that i t will conduct a non-brokered private placement (the “Offering”),
subject to the approval of the TSX Venture Exchange (the “Excha nge”), of up to 15,000,000 units at a
price of $0.10 per unit (the “Units”) for aggregate gross proceeds of up to $1,500,000.
Each Unit will consist of one common share of the Company and a net smelter royalty (“NSR”) on the
Company’s ownership interest in the North Kimberly Diamond Proj ect. The royalty rate of the NSR will be
determined at the ratio of 1% per $1,000,000 of gross proceeds.
“Lithoquest appreciates the continued support of its largest sh areholders to advance the North Kimberley
Diamond Project,” stated Bruce Counts, President and CEO of Lit hoquest Diamonds Inc. “The Company
is well prepared for the 2019 drill program and management is optimistic that results from work conducted
over the past year will lead to the discovery of diamond bearing kimberlites”.
The net proceeds of the Offering will be used to advance the Company’s North Kimberly Diamond Project
and for general corporate purpose s. Common shares acquired by t he placees will be subject to a hold
period of four months plus one day from the date of completion of the Offering, in accordance with
applicable securities legislation.
The Company anticipates that current insiders of the Company may participate in the Offering. Subject to
Exchange approval, cash finder’s fees in the amount of up to 6% of the gross proceeds may be paid to
persons who introduce the Company to investors.
About Lithoquest Diamonds Inc.
Lithoquest is a Canadian diamond exploration company focused on the discovery and development of
economic diamond deposits on its 100%-owned North Kimberley Dia mond Project located in Western
Australia, approximately 65km east of the community of Kalumburu.
Neither the TSX Venture Exchange nor its Regulation Services Pr ovider (as that term is defined in the
policies of the TSX Venture Exchange) has reviewed or accepts r esponsibility for the adequacy or
accuracy of this release.
FORWARD LOOKING INFORMATION
This news release includes certai n information that may constit ute “forward-looking information” under
applicable Canadian securities legislation. Forward-looking inf ormation includes, but is not limited to, the
Company’s strategic plans, futur e operations, future work progr ams, objectives and completion of the
Offering. Forward-looking information is necessarily based upon a number of estimates and assumptions
that, while considered reasonable, are subject to known and unk nown risks, uncertainties, and other
factors which may cause the actual results and future events to differ materially from those expressed or
implied by such forward-looking information, including the ability of the Company to locate placees for the
Offering and the approval of the Offering by the Exchange. Ther e can be no assurance that such
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information will prove to be accurate, as actual results and future events could differ materially from those
anticipated in such information. Accordingly, readers should no t place undue reliance on forward-looking
information. All forward-looking information contained in this press release is given as of the date hereof
and is based upon the opinions and estimates of management and information available to management
as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-
looking information, whether as a result of new information, future events or otherwise, except as required
by law.
For further information, please contact:
Lithoquest Diamonds Inc.
+1 (778) 373-1485