Quest Rare Minerals Ltd. (TSX:QRM) announced a private placement of 10% secured convertible debenture with United based special opportunity fund for gross proceeds of CAD 550,000 on January 18, 2017. The debenture will mature in one year and bears interest at a rate of 10% per annum, payable semiannually in cash and, at the holder’s option, can be converted into common shares of the company at a price of CAD 0.16 per share. In connection with the transaction, the company also issued 550,000 warrants to the investor for the notes, each of which will entitle the holder to acquire one additional common share of the company at a price of CAD 0.18 for three years.