Quest Critical Metals Inc. announced a non-brokered private placement of up to 1,285,714 units at a price of CAD 0.35 per unit for gross proceeds of up to approximately CAD 449,999.9 on May 1, 2024. Each unit will be comprised of one common share and one warrant. Each warrant entitles the holder to purchase one warrant share at a price of CAD 0.45 per warrant share for a period of two years from the date of closing of the concurrent private placement.

The closing of the concurrent 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 concurrent 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% of the gross proceeds raised in respect of the concurrent private placement from subscribers introduced by such finders to the company.