Quest Critical Metals Inc. announced a non-brokered private placement of up to 9,090,910 units at a price of CAD 0.22 per unit for the gross proceeds of CAD 2,000,000.2 on May 22, 2024. Each unit will comprise one common share in the authorized share structure of the company and one common share purchase warrant of the company. Each warrant entitles the holder to purchase one additional common share of the company at a price of CAD 0.35 per warrant share for a period of two years from the date of closing.

The closing of the private placement may take place in one or more tranches as determined by the company and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval from the CSE. All securities issued in connection with the private placement will be subject to a statutory hold period of four months and one day following the date of issuance in accordance with applicable Canadian securities laws. The company may pay certain eligible finders a cash fee of up to 6 per cent of the gross proceeds raised in respect of the private placement from subscribers introduced by such finders to the company.