Quest PharmaTech, Inc. announced that it has received CAD 1 million in funding from AD Biotech. Co., Ltd and another investor.
January 28, 2014 at 11:00 pm EST
Share
Quest PharmaTech, Inc. (TSXV:QPT) announced a non-brokered private placement of 10,000,000 units at a price of CAD 0.10 per unit for gross proceeds of CAD 1,000,000 on November 21, 2013. Each unit will be comprised of one common share and one common share purchase warrant. Each whole warrant will be exercisable one common share at a price of CAD 0.15 per share. The warrants will expire two years from the date of issuance. The transaction will include participation from new investor Hong-Gul Cheong, in reliance upon applicable exemptions from the registration and prospectus requirements of such jurisdiction and is subject to regulatory approval, including approval of the TSX Venture Exchange. The shares issued will be subject to a four month hold period.
On January 23, 2014, TSX Venture Exchange has accepted for filing documentation with respect to the transaction. The transaction will involve participation form two placees including insiders of the company. Existing investor, AD Biotech Co., Ltd. and Hong-Gul Cheong will subscribe to 7,000,000 and 3,000,000 shares, respectively.
On January 29, 2014, Quest PharmaTech, Inc. closed the transaction. The shares issued in this transaction will have a four month hold period expiring May 24, 2014.
ADBiotech Co Ltd is a Korea-based company mainly engaged in the manufacture and sale of veterinary drugs. The Company operates its business through two segments. Veterinary Medicine segment is engaged in the manufacture and sale of antibiotics, anticoccidial agents, antimicrobial agents, nervous system agents, synthetic antibacterial agents and others. The Supplementary Feed segment is engaged in the manufacture and sale of functional supplementary feeds and other products.
ADBIOTECH CO., LTD. 
