MetalQuest Mining Closes $1.97 Million Private Placement
Vancouver, BC — January 9, 2026 — Leads & Copy — MetalQuest Mining Inc. has announced the closing of the second and final tranche of a non-brokered private placement financing, raising a total of $1,966,780.20 across all tranches.
According to a press release, the company issued 1,963,760 non-flow-through units at a price of $0.17 per unit, generating gross proceeds of $333,839.20 in the second tranche.
The non-flow-through units consist of one common share of the company and one-half of one share purchase warrant. Each whole warrant allows the holder to purchase one additional common share at an exercise price of $0.40 per share, exercisable for two years from the closing date.
Chairman and CEO Harry Barr stated that the offering was oversubscribed, but the company chose not to increase the financing to avoid unnecessary dilution. No finder fees were paid in connection with the second and final tranche closing.
The offering is subject to TSX Venture Exchange approval, and all securities issued in connection with the final tranche closing are subject to a four-month and a day hold period expiring May 10, 2026, as per Canadian Securities laws. The company intends to use the proceeds from the offering for general working capital and exploration purposes.
An existing insider and an existing control person of the company purchased an aggregate of 87,875 non-flow-through units, which is considered a related party transaction under Multilateral Instrument 61-101. The company relied on exemptions from the formal valuation and minority shareholder approval requirements, as the fair market value of the units purchased by insiders did not exceed 25% of the company’s market capitalization. A material change report was not filed 21 days prior to the closing, as the details of insider participation were not known at that time.
Prior to the closing of the offering, Harry Barr had control over 13,450,510 common shares, 550,000 stock options, and 4,796,572 share purchase warrants. After the offering, Barr is deemed to have control over 14,049,823 common shares, 550,000 stock options, and 5,096,229 share purchase warrants. Mr. Barr acquired the securities for investment purposes and may acquire and/or dispose of securities in the future.
MetalQuest Mining owns 100% of the Lac Otelnuk Iron Project in Quebec’s Labrador Trough. The company is working with Naskapi First Nation of Kawawachikamach and AtkinsRéalis to advance the project. Initial work at the Superior Iron Project is planned for Winter/Spring 2026.
The company also owns shares and warrants of Canadian Copper (CCI) and royalties in the Murray Brook Zinc-Polymetallic Deposit. CCI is completing a Preliminary Economic Assessment (PEA) on processing the Murray Brook deposit at the Caribou Processing Complex, with a release date expected in the first half of 2026.
Harry Barr can be contacted at Hbarr@mqmining.com. Faraz Rasheed can be contacted at Frasheed@mqmining.com or by telephone at 613 659 2773.
Source: MetalQuest Mining
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