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Silver Quest announces $10 million private placement

Silver Quest Resources Ltd. has entered into an agreement with a syndicate led by Paradigm Capital Inc. and including Stonecap Securities Inc. and Scotia Capital Inc.  in respect of a private placement  for gross proceeds of up to C$8 million.  In addition, the company will complete a non-brokered private placement of units for gross proceeds of up to C$2 million.

Each unit will consist of one common share  of the company and one-half of one common share purchase warrant of the company. Each warrant will entitle the holder to purchase one common share at C$1.30 and will be exercisable for a period of 18 months after the closing date.

The net proceeds from the private placements will be used by the company for exploration at its Davidson, Capoose, 3Ts and Yukon properties and for general corporate purposes.