MONTREAL, April 04, 2018 (GLOBE NEWSWIRE) -- Quest Rare Minerals Ltd. (“Quest”) announces that on March 23, 2018, the Superior Court of Québec rendered an order granting Quest’s motion to homologate the proposal 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). Quest has since undertaken full performance of the Proposal. The Proposal provided, among other things, for the reorganization of Quest’s share capital, whereby all issued and outstanding Quest shares were cancelled, the whole in accordance with Section 191 of the Canada Business Corporations Act (the “Reorganization”). As part of the execution of the Proposal by Quest, Quest filed Articles of Reorganization reflecting the Reorganization with the Director under the Canada Business Corporations Act.
Further information regarding the order, motion, Proposal and Reorganization is available on the website of the trustee PricewaterhouseCoopers Inc. (https://www.pwc.com/ca/en/services/insolvency-assignments/quest.html).
For information:
Alain Wilson
Vice President and CFO
Quest Rare Minerals Ltd.
+ 514 228-0377
info@questrareminerals.com