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Copper Quest Exploration Raises CA$825,000 Via Non-Brokered Private Placement

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Copper Quest Exploration (CQX.CN) closed its non-brokered private placement for gross proceeds of CA$825,000 by issuing around 10.3 million units at a price of CA$0.08 each, it said Monday.

Each unit is made up of a share and a two-year warrant which shall be convertible into an additional share at an exercise price of CA$0.13 per warrant share, said the company. The warrants are subject to an acceleration clause, it added.

The company plans to use the proceeds for exploration activities and general working capital purposes, it said.

The private placement is subject to the receipt of all necessary regulatory and other approvals, added Copper Quest Exploration.

The company's shares were last seen down CA$0.01, or 10.5%, at CA$0.085 on the Canadian Securities Exchange.

Price: $0.09, Change: $-0.01, Percent Change: -10.53%

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