GoldQuest Mining Corp.
GoldQuest Closes First Tranche of Private Placement

DGAP-News: GoldQuest Mining Corp. / Key word(s): Miscellaneous

2015-10-19 / 23:05

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VANCOUVER, BC --(Marketwired - October 19, 2015) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE,
PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR
INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES

GoldQuest Mining Corp., (TSX VENTURE: GQC) (FRANKFURT: M1W)
(BERLIN: M1W) ('GoldQuest' or the 'Company') is pleased to
announce that, further to its news release dated October 14,
2015, the Company has closed, subject to the final approval of
the TSX Venture Exchange (the 'TSX-V'), the first tranche (the
'First Tranche') of its private placement (the 'Private
Placement') comprised of 18,090,910 units of the Company (the
'Units') at a price of $0.11 per Unit for an aggregate gross
proceeds of $1,990,000.10. Each Unit consists of one common share
of the Company (a 'Common Share') and one-half of one Common
Share purchase warrant of the Company (each whole warrant, a
'Warrant'). Each Warrant is exercisable for an additional Common
Share at an exercise price of $0.18 for a period of three years
following the closing date of the issuance. All securities issued
under the First Tranche are subject to a four month hold period
expiring on February 20, 2016.

Pursuant to the Private Placement, Evanachan Limited, a
corporation wholly owned by Robert McEwen, has acquired 9,090,910
Units, bringing its holdings together with Mr. McEwen's holdings
in the Company on a partly-diluted basis to over 10% of
outstanding Common Shares and triggering early warning reporting
requirements. Mr. McEwen is the Chairman and Chief Owner of
McEwen Mining Inc. and is the founder and former Chairman & CEO
of Goldcorp Inc.

The Company intends to use the net proceeds of the Private
Placement to proceed with a NI 43-101 compliant pre-feasibility
study on its Romero Project in the Dominican Republic, and for
general working capital purposes. The Company expects to close on
the second tranche of the Private Placement in three weeks.

For more information regarding the transaction, please see the
Company's press release dated October 14, 2015, which is also
available on the Company's profile on SEDAR at www.sedar.com.

About GoldQuest

GoldQuest is a Canadian based emerging mineral development
company with projects in the Dominican Republic traded on the
TSX-V under the symbol GQC.V and in Frankfurt/Berlin with symbol
M1W, with 164,045,954 shares outstanding (186,747,572 on a fully
diluted basis).

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.

The Private Placement is exempt from prospectus and registration
requirements of applicable securities laws. 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 accordingly, may not be offered
or sold within the United States or to 'U.S. Persons', as such
term is defined in Regulation S promulgated under the U.S
Securities Act ('U.S. Persons'), except in compliance with the
registration requirements of the U.S. Securities Act and
applicable state securities requirements or pursuant to
exemptions therefrom. This news release shall not constitute an
offer to sell or a solicitation of an offer to buy any of the
securities in the United States.

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this news release are 'forward-looking'
within the meaning of Canadian securities legislation.
Forward-looking statements can generally be identified by the use
of forward-looking terminology such as 'may', 'will', 'expect',
'intend', 'estimate', 'anticipate', 'believe', 'continue',
'plans' or similar terminology. Forward-looking statements
include, but are not limited to, statements relating to the
anticipated closing of the second tranche, the receipt of final
approval from the TSX-V, the expected use of proceeds from the
Private Placement. 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 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
June 30, 2015, 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.



CONTACT INFORMATION
GoldQuest Mining Corp.
www.goldquestcorp.com

Julio Espaillat
President & Chief Executive Officer
+1-829-919-8701
JEspaillat@GoldQuestCorp.com

Bill Fisher
Executive Chairman - Toronto
+1-647-271-4505
BFisher@GoldQuestCorp.com

News Source: Marketwire



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2015-10-19 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
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Language:    English                 
Company:     GoldQuest Mining Corp.  
 
 
             United States           
 
 
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