Vancouver, British Columbia / March 29, 2021. QuestEx Gold & Copper Ltd. (TSX-V: QEX) (“QuestEx” or the “Company“) is pleased to announce that, due to strong demand, it has increased the size of its previously announced non-brokered private placement from $8.136 million to as much as $8.886 million (the “Offering”).
 
Pursuant to the amended terms, the Offering will now consist of up to 6,927,710 common shares issued on a flow-through basis (“FT Shares”) at a price of $0.83 per FT Share for gross proceeds of up to $5,750,000 and up to 5,226,667 common shares issued on a non flow-through basis (“NFT Shares”) at a price of $0.60 per share for gross proceeds of up to $3,136,000.
 
Skeena Resources Limited (“Skeena”) has advised the Company that it will participate in the Offering to an amount that is expected to be approximately $3,050,000, which would result in Skeena purchasing an aggregate of up to 5,083,333 FT Shares and NFT Shares, giving it an ownership interest of 13.8% of the Company’s issued and outstanding common shares on a non-diluted and partially diluted basis if the full amount of the Offering is completed. Additionally, in connection with Skeena’s strategic investment, the Company has granted Skeena the right to hold an equity ownership interest in the Company of up to 14% on completion of the Offering, as a result Skeena has the right to increase its participation in the Offering. The gross proceeds from the issuance of FT Shares will be used by the Company to incur eligible Canadian exploration expenses (“CEE”) that will qualify as “flow-through mining expenditures” as such terms are defined in the Income Tax Act (Canada) related to the Company’s projects in British Columbia. The Company will renounce such CEE with an effective date of no later than December 31, 2021 with CEE to be incurred prior to December 31, 2022. The net proceeds from the issuance of NFT Shares will be used for working capital and general corporate purposes.  

Pursuant to an Investor Rights Agreement between the Company and Newmont, Newmont has the right to participate in any future equity financings by QuestEx to the extent necessary for Newmont to maintain a 19.95% equity ownership interest in the Company. If and to the extent that Newmont elects to exercise its pre-emptive right in respect of the Offering, the size of the Offering may be increased. 

The Company may pay finders fees to certain qualified arm’s-length parties in accordance with the policies of the TSX Venture Exchange (“TSX-V”). The Offering remains subject to the approval of the TSX-V.  All securities issued in the Offering will be subject to a statutory hold period of four months and a day from the closing date of the Offering.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
We seek safe harbor.


About QuestEx
QuestEx Gold & Copper Ltd. is exploring for high-grade gold and copper with a focus on the Golden Triangle and Toodoggone areas of British Columbia. The property portfolio includes the Company’s flagship Castle property, a porphyry copper-gold project located in the Red Chris mining district of the Golden Triangle neighbouring GT Gold’s Tatogga property, and Newcrest Mining’s GJ property. Other properties include KSP, North ROK, ROK-Coyote, and Kingpin in the Golden Triangle, Sofia in the Toodoggone district, and Heart Peaks and Hit in other strategic districts within British Columbia. These assets are being advanced by a newly assembled technical and management team with experience in exploration, permitting and discovery.

ON BEHALF OF THE BOARD OF DIRECTORS OF QUESTEX GOLD & COPPER LTD.
“Joseph Mullin”
Joseph Mullin
Chief Executive Officer and Director

For more information:
T: (250) 768-1511
TF (855) 768-1511                                                    
W: www.questex.ca