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Lithoquest Diamonds will raise $250,000 through non-brokered private placement

The offering is not subject to a minimum amount, with a maximum of 8,333,334 shares for gross proceeds of $250,000

Lithoquest Diamonds Inc. - Lithoquest Diamonds will raise $250,000 through non-brokered private placement
The Canadian resource exploration company is focused on the discovery of mineral deposits in Western Australia

Lithoquest Diamonds Inc (CVE:LDI) revealed Thursday that it will conduct a non-brokered private placement for aggregate gross proceeds of up to $250,000. 

In a statement, the Canadian resource exploration company focused on the discovery of mineral deposits in Western Australia, said the offering will consist of shares at a price of $0.03 per share.

The offering is not subject to a minimum amount and the maximum offering is 8,333,334 shares for gross proceeds of $250,000.

READ: Lithoquest Diamonds says North Kimberley region license acquisition agreement terminated

The gross proceeds of the offering will be used for general working capital purposes, said the company. It added that if the offering is oversubscribed, subscriptions will be accepted at the discretion of the company.

The existing shareholder exemption is available to shareholders residing in all Canadian jurisdictions. Shareholders of record of the company as at February 20, are eligible to participate under the existing shareholder exemption.

The offering may be closed in one or more tranches as subscriptions are received. The minimum subscription amount is 50,000 shares for $1,500, said the company.

All securities issued in accordance with the offering will be subject to statutory hold periods in line with US and Canadian securities laws.

A finder's fees may be paid to individuals who introduce the company to investors.

Contact the author Uttara Choudhury at [email protected]

Follow her on Twitter: @UttaraProactive

Quick facts: Lithoquest Diamonds Inc.

Price: 0.035 CAD

TSX-V:LDI
Market: TSX-V
Market Cap: $1.95 m
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