GoldQuest Mining Raises C$8.7 Million for Romero Project
GoldQuest Mining Secures C$8.7 Million Through Private Placement
GoldQuest Mining Corp. (TSXV:GQC), a prominent player in the mineral exploration sector, recently celebrated the successful completion of a private placement, raising C$8,698,950.88. This capital was generated through the issuance of 45,783,952 common shares at a price of C$0.19 per share. As a result, GoldQuest's cash reserves are expected to surpass C$15 million, empowering the company to advance its strategic initiatives.
Insights from the CEO About the New Investment
Luis Santana, the CEO of GoldQuest, expressed excitement regarding the new influx of funds. "We are thrilled to welcome prominent investors from the Dominican Republic’s business community. Their support reflects confidence in our vision and potential for the Romero project," he highlighted. This investment will not only bolster the exploration efforts but also assist in navigating the Environmental Permit Application process with the Ministry of Environment and Natural Resources.
Advancing GoldQuest’s Exploration Activities
The funds obtained from this private placement will play a crucial role in various key areas:
- Enhancing exploration efforts across the Tireo Formation properties, which are known for their rich mineral potential.
- Accelerating the Environmental and Social Impact Assessment (ESIA) for the Romero project.
- Updating the existing Pre-Feasibility Study to a definitive Feasibility Study, laying groundwork for future mining operations.
- Supporting working capital and general operational needs.
With exciting developments in the Dominican Republic’s environmental regulations, projects like Romero are now allowed to submit ESIA applications directly to the relevant government body.
Strategic Changes in the Board of Directors
In addition to the fundraising efforts, GoldQuest has appointed Mr. Charles Reid to its board of directors. Charles brings with him a wealth of experience in asset recovery and project development, particularly in the Dominican Republic. His expertise in monetizing distressed assets and spearheading innovative ventures makes him a valuable addition to the team.
What Does Charles Reid Bring to GoldQuest?
Charles Reid's career includes significant contributions at Grupo SID in various sectors such as finance, human resources, and marketing. His proficient leadership has driven success in mergers and feasibility studies. With an academic background in Management and Administrative Studies, along with proficiency in both English and Spanish, he adds vital strategic insights into GoldQuest's operations.
About the Promising Romero Project
The Romero project, discovered back in 2012, showcases impressive economic potential as underscored by a 2016 Pre-Feasibility Study. This assessment projected a Net Present Value (NPV) of US$203 million and a remarkable Internal Rate of Return (IRR) of 28%. With these promising figures, GoldQuest aims to continue unlocking the value in the Tireo Formation and capitalize on favorable market conditions.
GoldQuest Mining Corp.: Driving Exploration Forward
GoldQuest Mining Corp. is dedicated to mineral exploration in the Dominican Republic. The company focuses on the Romero gold-copper project while exploring the surrounding Tireo Formation, which is renowned for its rich mineral resources. Their commitment to responsible exploration and development positions GoldQuest as a key player in the region.
Frequently Asked Questions
What is the amount raised through the private placement?
The successful private placement raised approximately C$8.7 million for GoldQuest Mining Corp.
Where will the raised funds be utilized?
The funds will be used for exploration activities, environmental assessments, and working capital among other corporate purposes.
Who is the new board member appointed?
Mr. Charles Reid has been appointed to GoldQuest's board of directors, bringing significant expertise in project development.
What is the significance of the Romero project?
The Romero project is key to GoldQuest’s strategy, showcasing a robust economic potential with strong projected returns.
How does this placement impact the company’s future?
The private placement enhances GoldQuest’s financial standing, allowing for accelerated exploration and development efforts.
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