Quest Rare Minerals Ltd. announced that it has completed a first tranche of its previously-announced private placement by issuing a 7% secured convertible debenture in a principal amount of $2.25 million to 2455440 Ontario Inc. In connection with the private placement, Ekagrata has the right to nominate two directors to the Board of Directors of Quest, subject to prior approval by the Board. Accordingly, Quest announced that Mr. Prashant Pathak, CEO of Ekagrata, will join the Board of Directors of Quest; however, Mr. Pathak's continued service on the Board is subject to approval by the Toronto Stock Exchange.