Great Quest Closes Books and First Tranche of Non-Brokered Private Placement
15 Julio 2024 - 6:48AM
Great Quest Fertilizer Ltd (TSXV:GQ) (“Great Quest” or the
“Company”) has closed the first tranche (the “First Tranche”) of
its previously announced non-brokered private placement (the
“Private Placement”). The Company issued 10,739,100 units (the
“Units”) pursuant to the First Tranche for gross proceeds of
$536,955. The books on the Private Placement are now closed and the
Company expects to close the final tranche of the Private placement
on or about July 31, 2024.
Each Unit consists of one common share in the
capital of the Company (each a “Share”) and one-half of one common
share purchase warrant (each whole warrant, a “Warrant”). Each
Warrant entitles the holder to purchase one common share in the
capital of the Company (a “Warrant Share”) at a price of $0.10 per
Warrant Share for a period of two years following the date
hereof.
In connection with the First Tranche, the
Company paid cash finder’s fees of $10,500 and issued 210,000
finder’s warrants (the “Finder Warrants”) to eligible finders. Each
Finder Warrant entitles the holder thereof to acquire one Share at
a price of $0.05 for a period of 24 months following the date
hereof. All of the securities issued pursuant to the First Tranche
are subject to a four month and one day hold period from the date
hereof.
The net proceeds of the First Tranche will be
used for working capital purposes and to complete the acquisition
of gold and lithium claims in Namibia (the “Transaction”). For
further details regarding the Transaction please see the Company’s
press releases dated December 21, 2023 and June 6, 2024. The First
Tranche is subject to the approval of the TSX Venture
Exchange.
About Great Quest
Great Quest Fertilizer Ltd. is a Canadian
mineral exploration company focused on the development of African
gold projects. The Company’s flagship asset is the Sanoukou Gold
Project, encompassing 24 km2 located in the Kayes region to the
West of Mali and developing the Tilemsi Phosphate Project a 1,206
km² parcel in northeastern Mali, containing high quality phosphate
resources amenable to use as direct application fertilizer. Great
Quest is listed on the TSX Venture Exchange under the symbol GQ,
and the Frankfurt Stock Exchange under the symbol GQM.
ON BEHALF OF THE BOARD OF DIRECTORS OF GREAT
QUEST FERTILIZER LTD.
“Jed Richardson”
Chief Executive Officer and Executive
Chairman
Disclaimer for Forward-Looking
Information
This news release may contain forward-looking
statements. These statements include statements regarding the
Transaction, the Private Placement and use of proceeds and the
Company’s future plans and objectives. These statements are based
on current expectations and assumptions that are subject to risks
and uncertainties. Actual results could differ materially because
of factors discussed in the management discussion and analysis
section of our interim and most recent annual financial statements
or other reports and filings with the TSX Venture Exchange and
applicable Canadian securities regulations. We do not assume any
obligation to update any forward-looking statements, except as
required by applicable laws.
Neither the TSX Venture Exchange nor its
Regulation Services Provider accepts responsibility for the
adequacy or accuracy of this release.
For more information:
Please contact Jed Richardson by email at info@greatquest.com
Great Quest Gold (TSXV:GQ)
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