5 June 2015
Toronto, Ontario, June 5, 2015. Northquest Ltd. (TSX-V:NQ) (“Northquest”) is pleased to announce that it has closed its previously announced non-brokered private placement (the “Offering”) pursuant to which Northquest issued an aggregate of 22,222,222 units (“Units”) at a price of $0.20 per Unit, to raise aggregate gross proceeds of $4,444,444. Each Unit is comprised of one common share of Northquest (a “Share”) and one-half of one share purchase warrant, with each whole share purchase warrant entitling the holder to acquire one additional Share at an exercise price of $0.30 for a period of 24 months. Nord Gold N.V. (LSE: NORD), an insider of Northquest, acquired all of the Units sold in the Offering.