Quest Minerals has completed a $1.5 million capital raising, with Singaporean investor Maxillion taking a 19.9 per cent interest in the company.
Quest placed 100 million shares at 1.5 cents per share to professional and sophisticated investors, with just over 82 million shares valued at $1.2 million going to Maxillion.
The Perth-based mineral explorer said in a statement the funds raised will be used in scoping, feasibility and development of its Victory Bore tenement, ongoing exploration and evaluation programmes, evaluation and acquisition of new opportunities and corporate activities.
The placement was managed by James St Capital for a fee of 5 per cent of total funds raised.
