DGAP-News

GoldQuest Closes Second Tranche of Private Placement

DGAP-News: GoldQuest Mining Corp. / Key word(s): Miscellaneous
GoldQuest Closes Second Tranche of Private Placement

07.11.2015 / 00:01

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VANCOUVER, BC --(Marketwired - November 06, 2015) - GoldQuest
Mining Corp., (TSX VENTURE: GQC) (FRANKFURT: M1W) (BERLIN: M1W)
('GoldQuest' or the 'Company') is pleased to announce that the
Company has closed the second tranche (the 'Second Tranche') of
its private placement (the 'Private Placement') and has issued
13,636,271 units of the Company (the 'Units') at a price of $0.11
per Unit for gross proceeds of $1,499,989.81, bringing the total
Units issued pursuant to the Private Placement to 31,727,181 for
aggregate gross proceeds of $3,489,989.91. 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.

'Having completed this financing, the Company is well funded for
advancing the pre-feasibility study at our flagship Romero
gold/copper project,' said Julio Espaillat, President and Chief
Executive Officer. 'We will be selecting the lead engineering
consultants shortly and are advancing work at Romero, maintaining
our profile as one of the more active companies at this stage in
the industry.'

All securities issued under the Second Tranche are subject to a
four month hold period expiring on March 7, 2016. In connection
with the Second Tranche, the Company will pay a finder's fee to
SC Strategy Consult AG ('SC Strategy') and Canaccord Genuity Corp
('Canaccord'). The finder's fee payable to SC Strategy will
comprise cash payment equal to 6% of the aggregate proceeds from
subscriptions facilitated by SC Strategy, plus special warrants
to acquire that number of Units equal to 6% of the Units sold to
subscribers found by SC Strategy. The securities issued to SC
Strategy are subject to a four month hold period expiring on
March 7, 2016. Canaccord will receive cash payment equal to 6% of
the aggregate proceeds from subscriptions facilitated by
Canaccord.

About GoldQuest

GoldQuest is a Canadian based emerging mineral development
company with projects in the Dominican Republic traded on the TSX
Venture Exchange under the symbol GQC.V and in Frankfurt/Berlin
with symbol M1W, with 177,682,225 shares outstanding (207,013,978