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BRIEF-Quest Minerals says to buy Austrian Projects Corp

Published 13/11/2017, 06:43 pm
© Reuters.  BRIEF-Quest Minerals says to buy Austrian Projects Corp
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Nov 13 (Reuters) - Quest Minerals Ltd QNL.AX

* Entered binding heads of agreement to acquire Austrian Projects Corp

* As part of transaction, co intends to raise $4.5 million at an issue price of $0.03 per ordinary fully paid share

* Consideration includes 186 million ordinary shares in co, 65 million options, & 240 million performance shares

* Consideration includes payment of net smelter royalty of 2.5 pct of all gold produced from Austrian gold projects for payment of US$2.5 million

* Upon deal completion, Torey Marshall to be appointed managing director/CEO

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