01:26 PM EDT, 05/01/2024 (MT Newswires) -- Quest Critical Metals ( DCNNF ) on Wednesday rose over 7% on last look after reporting that it plans to raise a minimum of C$1.3 million and up to a maximum of C$3 million in a proposed best efforts private-placement financing.

The offering will comprise a minimum of about 3.7-million units and up to a maximum of about 8.6-million units priced at $0.35.

Each unit will is made up of a share and a two-year warrant to buy a second share for C$0.45.

Quest is also offering an over-allotment option of up to 15%.

In addition to the offering, the company may close a concurrent non-brokered private placement of up to 1.3-million units at C$0.35 per unit for gross proceeds of up to about $450,000. Each unit will be comprised of one share and one warrant. Each warrant allows the holder to buy one warrant share at $0.45 per warrant share for two years from the date of closing of the concurrent private placement.

Quest plans to use the proceeds of the offering and the concurrent private placement for further exploration of the company's Tisvoa Klingenthal copper/cobalt property and for general corporate and working capital purposes.

Price: 0.30, Change: +0.02, Percent Change: +7.14