AURQUEST RESOURCES INC. AND XANTHIC BIOPHARMA LIMITED ANNOUNCES CLOSING OF $1,500,000 PRIVATE PLACEMENT
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Toronto, Ontario / January 17, 2018 – Aurquest Resources Inc. (“Aurquest”) and its wholly owned operating subsidiary Xanthic Biopharma Limited (“Xanthic”) are pleased to announce that it has completed its previously announced non-brokered private placement financing (the “Offering”). The Offering was upsized to $1,500,000 from the previously announced in the press release of the Company dated December 18, 2017 for gross proceeds of up to $1,000,000.
Pursuant to the Offering, Aurquest issued 96,000,000 common shares (“Common Shares”) at a price of $0.015625 per Common Share to raise net proceeds of $1,500,000. As of the completion of the Offering, a total of 445,684,184 Common Shares are issued and outstanding.
The Common Shares issued under the Offering are subject to a hold period which will expire four months and one day from the date hereof, being May 17, 2018. The net proceeds of the Offering are expected to be allocated to Aurquest’s working capital needs.
About Aurquest and Xanthic
Aurquest through its wholly owned operating subsidiary Xanthic, produces high quality, innovative, non-combustible cannabis, and cannabis-infused products which deliver consistent THC and/or CBD levels. Using a proprietary process, Xanthic is able to deliver superior cannabinoid solubility and consistency versus competitive infused products.
Aurquest is seeking shareholder approval changing its name to Xanthic Biopharma Inc. and completing an 8 for 1 common share consolidation, among other items on the agenda, in the upcoming annual general and special meeting on February 16, 2018.
For Further Information Contact: Tim Moore, CEO
Aurquest Resources Inc.
email@example.com Phone: 1-647-966-6536