MONTREAL, Jan. 25, 2018 (GLOBE NEWSWIRE) — Quest Rare Minerals Ltd. (“Quest”) announces that on January 24, 2018, the statutory majority of Quest’s creditors voted in favour of the acceptance of the proposal filed by Quest on January 3, 2018 as amended on January 12, 2018, pursuant to Part III of the Bankruptcy and Insolvency Act (Canada) (the “Proposal”). 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 the 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.
Further information regarding the Proposal and the 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