Quest Rare Minerals Ltd. (TSX:QRM) announced a best efforts private placement of minimum 25,000,000 special warrants to a maximum of 37,500,000 special warrants at a price of CAD 0.20 per warrant for gross proceeds of CAD 5,000,000 to CAD 7,500,000 on January 27, 2017. The transaction will include participation from accredited investors in Ontario, Alberta and British Columbia. Each special warrant entitles the holder to exchange for one additional common share at a price of CAD 0.275 per share for a period of 36 months from the date of closing. The transaction is subject to receipt of all necessary regulatory approvals including TSX Venture Exchange approval. The transaction is expected to close on February 9, 2017. On February 1, 2017, the company announced that the transaction is not subject to shareholder approval. The company has obtained exemption for such approval from Toronto Stock Exchange.