Quest Capital Corp.: Shareholders Approve Change to Natural Resource Lending
August 18 2010 - 8:30AM
Marketwired
Quest Capital Corp. (TSX: QC)(NYSE Amex: QCC) ("Quest" or the
"Company") today reported the results of its special meeting of
shareholders held on August 17, 2010. All resolutions put forward
in the management proxy circular dated July 19, 2010 (the
"Circular") to shareholders were overwhelmingly approved.
The Company would like to welcome John Embry, Peter Grosskopf,
and Murray John to its board of directors.
It is expected that on September 7, 2010, the Company will
effect the following:
1. Change its name to Sprott Resource Lending Corp.
2. Change its lending strategy to focus on natural resource lending and
discontinue its real estate lending business. Its business will be
primarily directed to bridge and mezzanine lending to precious and base
metal mining, exploration and development companies, oil and gas
companies and other resource related businesses. The Company has begun
taking steps to ensure it can carry out this strategy in short order.
3. Complete a private placement of up to $25 million of common shares of
the Company.
4. Execute a partnership agreement and management services agreement
between the Company and Sprott Lending Consulting LP.
5. Mr. Grosskopf will replace Mr. Brian Bayley as President and CEO and
will be responsible for developing and implementing the Company's
overall strategy, overseeing the Company's growth and ensuring that
shareholder value is enhanced and maximized.
For further details on each of the above matters, please refer
to the management proxy circular of the Company dated July 19, 2010
filed under the corporate profile of Quest on the System for
Electronic Document Analysis and Retrieval (SEDAR) at
www.sedar.com. Quest will be filing a report on voting results at
the Meeting on SEDAR.
ABOUT QUEST
Quest is currently a publicly traded mortgage investment
corporation. As a natural resource lender, Quest will ultimately
cease to be a mortgage investment corporation. Accordingly, Quest
will provide further guidance as to its ability or intention to
remain a mortgage investment corporation for the remainder of the
current fiscal year.
The previously announced substantial issuer bid (the "Offer"),
which has been structured as a modified "Dutch Auction", pursuant
to which the Company is offering to purchase for cancellation from
the holders of common shares of the Company up to Cdn$60,000,000 in
value of its common shares remains outstanding. The Offer will
expire at 5:00 p.m. (Toronto time) on August 30, 2010 unless the
Offer is extended, varied or withdrawn by Quest. Documents relating
to the Offer bid have been sent to shareholders and are available
on the Company's website under the headings "Substantial Issuer
Bid" or alternatively, at www.sedar.com or www.sec.gov.
For more information about Quest, please visit our website
(www.questcapcorp.com) or www.sedar.com.
Forward Looking Statements
This press release may include certain statements that
constitute "forward-looking statements", and "forward-looking
information" within the meaning of applicable securities laws
("forward-looking statements" and "forward-looking information" are
collectively referred to as "forward-looking statements", unless
otherwise stated). Such forward-looking statements involve known
and unknown risks and uncertainties that may cause our actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by such forward looking statements. Forward-looking
statements may relate to the Company's future outlook and
anticipated events or results and may include statements regarding
the Company's future financial position, business strategy,
budgets, litigation, projected costs, financial results, taxes,
plans and objectives. We have based these forward-looking
statements largely on our current expectations and projections
about future events and financial trends affecting the financial
condition of our business. These forward looking statements were
derived utilizing numerous assumptions regarding expected growth,
results of operations, performance and business prospects and
opportunities that could cause our actual results to differ
materially from those in the forward-looking statements. While the
Company considers these assumptions to be reasonable, based on
information currently available, they may prove to be incorrect.
Forward-looking statements should not be read as a guarantee of
future performance or results. Forward-looking statements are based
on information available at the time those statements are made
and/or management's good faith belief as of that time with respect
to future events, and are subject to risks and uncertainties that
could cause actual performance or results to differ materially from
those expressed in or suggested by the forward looking
statements.
To the extent any forward-looking statements constitute
future-oriented financial information or financial outlooks, as
those terms are defined under applicable Canadian securities laws,
such statements are being provided to describe the current
potential of the Company and readers are cautioned that these
statements may not be appropriate for any other purpose, including
investment decisions. Forward-looking statements speak only as of
the date those statements are made. Except as required by
applicable law, we assume no obligation to update or to publicly
announce the results of any change to any forward-looking statement
contained or incorporated by reference herein to reflect actual
results, future events or developments, changes in assumptions or
changes in other factors affecting the forward looking statements.
If we update any one or more forward-looking statements, no
inference should be drawn that we will make additional updates with
respect to those or other forward-looking statements. You should
not place undue importance on forward-looking statements and should
not rely upon these statements as of any other date. All
forward-looking statements contained in this press release are
expressly qualified in their entirety by this cautionary
notice.
Contacts: Quest Capital Corp. A. Murray Sinclair Chairman (800)
318-3094 or (604) 687-8378 Quest Capital Corp. Jim Grosdanis CFO
(800) 318-3094 or (604) 687-8378 www.questcapcorp.com
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