MONTREAL, March 09, 2018 (GLOBE NEWSWIRE) -- Quest Rare Minerals Ltd. (“Quest”) announces that on March 23, 2018, Quest will present a Motion to homologate the proposal (the “Motion”) that was accepted by the statutory majority of Quest’s creditors (the “Proposal”), the whole pursuant to Part III of the Bankruptcy and Insolvency Act (Canada). The Proposal provides, among other things, for the reorganization of Quest’s share capital, whereby all issued and outstanding Quest shares will be cancelled, the whole in accordance with Section 191 of the Canada Business Corporations Act (the “Reorganization”).
Subsequent to the issuance, if any, of an order from the Québec Superior Court approving the Proposal and Reorganization as well as execution of the Proposal by Quest, Quest will file Articles of Reorganization reflecting the Reorganization with the Director under the Canada Business Corporations Act.
The Motion will be presented on March 23, 2018 at the Montréal Courthouse (1, Notre-Dame St. E., Montréal, QC, H2Y 2B6), in room 16.10 at 8:45 a.m.
Further information regarding the Motion, Proposal and Reorganization will be available by way of press releases as well as on the website of the trustee PricewaterhouseCoopers Inc. (https://www.pwc.com/ca/en/services/insolvency-assignments/quest.html).
Vice President and CFO
Quest Rare Minerals Ltd.
+ 514 228-0377
Source: Minéraux rares Quest Ltée