GoldQuest Mining Corp. (TSX-V:GQC)  (FRANKFURT: M1W)  (BERLIN: M1W) announced today the closing of the bought deal private placement previously announced on May 19, 2016. Cormark Securities Inc. on behalf of a syndicate of underwriters including Clarus Securities Inc., M Partners Inc. and Raymond James Ltd. sold 17,968,750 common shares at a price per Share of $0.32 for total gross proceeds of $5,750,000. As part of the Offering, the Underwriters exercised their overallotment option to purchase an additional 2,343,750 Shares.

In connection with the Offering, the Underwriters received a cash commission equal to 7.0% of the gross proceeds raised under the Offering and that number of non-transferable broker warrants as is equal to 7.0% of the number of Shares sold (inclusive of the Option). Each Broker Warrant will be exercisable into one Share of the Company, for a period of 18 months from the closing date at a price of $0.36 per Share.

The securities issued pursuant to the Offering are subject to a hold period expiring on October 10, 2016.

The net proceeds from the Offering will be used for exploration drilling, land acquisition, general haul road preparatory work and general corporate purposes.

“This financing will allow us to comfortably increase our upcoming exploration drilling program to over 10,000 meters and continue the process for our exploitation permit, Prefeasibility and Feasibility study work at our Romero gold/copper development, driving towards the environmental permitting and a potential development decision. The two year, pre-drilling geological and geophysical programs are approaching completion, and drill sites are being selected over our 100% owned, 50 kilometer Tireo belt surrounding the Romero discovery,” commented Bill Fisher, GoldQuest’s executive chairman.

The securities offered have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About GoldQuest

GoldQuest is a Canadian based mineral exploration company with projects in the Dominican Republic traded on the TSX-V under the symbol GQC.V and in Frankfurt/Berlin with symbol M1W, with 210,906,430 shares outstanding (242,150,413 on a fully diluted basis).