Quest Rare Minerals files proposal under the Bankruptcy and Insolvency Act (Canada)
MONTREAL, Jan. 05, 2018 (GLOBE NEWSWIRE) — Quest Rare Minerals Ltd. (“Quest”) announces that it filed a proposal (the “Proposal”) on January 3, 2018, pursuant to Part III of the Bankruptcy and Insolvency Act (Canada) with the Office of the Superintendent of Bankruptcy. The Proposal provides, among other things, for the reorganization of Quest’s share capital, whereby all issued and outstanding Quest shares will be cancelled, the whole in accordance with Section 191 of the Canada Business Corporations Act (the “Reorganization”).
Subsequent to the issuance, if any, of an order from the Québec Superior Court approving the Proposal and the Reorganization as well as execution of the Proposal by Quest, Quest will file Articles of Reorganization reflecting the Reorganization with the Director under the Canada Business Corporations Act.
Further information regarding the Proposal and the Reorganization will be available by way of press releases as well as on the website of the trustee PricewaterhouseCoopers Inc. (https://www.pwc.com/ca/en/services/insolvency-assignments/quest.html).
Vice President and CFO
Quest Rare Minerals Ltd.
+ 514 228-0377