Great Quest Announces Resumption of Trading and Provides Update on Acquisition of Belmont Exploration
27 Mai 2024 - 7:37PM
Great Quest Fertilizer Ltd. (TSX-V: GQ) (“Great Quest” or the
“Company”) announces today that it has been advised by the TSX
Venture Exchange (the “TSXV”) that the common shares of Great Quest
will resume trading on the TSXV effective May 29, 2024 at the
opening of trading.
Further to the Company’s December 23, 2023 press
release, the Company has submitted the supporting documentation
requested by the TSX Venture Exchange (the “TSXV”) and is working
with the TSXV to obtain final approval of the acquisition of up to
70% of the issued and outstanding shares of Belmont Exploration
(PTY) Ltd. (the “Transaction”). The Company also provides the
following additional information regarding the Transaction:
- Pursuant
to the Company’s acquisition of up to a 70% equity interest in
Belmont Exploration (PTY) Ltd. (“Belmont”). Belmont owns: (i) a 90%
ownership interest in Khorixas Mineral Exploration (PTY) Ltd.
(“Khorixas”) which owns EPL7031, (ii) a 90% ownership interest in
Damarabelt Mineral Exploration (PTY) Ltd. (“Damarabelt”) which owns
EPL6772, and (iii) an 85% ownership interest in K Seventeen
Minerals (PTY) Ltd. (“K Seventeen”) which owns EPL8237.
- EPL8650,
EPL8651 and EPL8676 are currently held by Ongwe Minerals (PTY) Ltd.
(“Ongwe”) which prior to the closing of the Transaction, owns a
100% equity interest in Belmont. Pursuant to a share purchase and
subscription agreement between inter alia, Belmont and Ongwe, Ongwe
must use best commercial endeavors to transfer these EPLs to
Belmont.
- EPL8291
and EPL8405 are held by the shareholder and director of Ongwe and
pursuant to a share purchase and subscription agreement between
inter alia, Belmont and Ongwe, Ongwe must use best commercial
endeavors to transfer these EPLs to Belmont.
- EPL6424
expired on January 28, 2023 but a renewal application was submitted
to the Namibian Ministry of Mines and the renewal is expected in
due course. This EPL is registered to Festus Haoseb (“Festus”).
Pursuant to a memorandum of agreement, as amended, between
Exploration18 (Pty) Ltd (“Exploration18”), Ongwe and Festus,
Exploration 18 obtained an option to acquire 92% of this EPL and
later assigned the option to Ongwe. Pursuant to a share purchase
and subscription agreement between inter alia, Belmont and Ongwe,
Ongwe must use best commercial endeavors to transfer the this EPL
to Belmont.
- EPL6772
expired on February 14, 2024 but a renewal application was
submitted to the Namibian Ministry of Mines and the renewal is
expected in due course. EPL6772 is held by Damarabelt.
- EPL7031
expired on February 3, 2024 but a renewal application was submitted
to the Namibian Ministry of Mines and the renewal is expected in
due course. EPL7031 is held by Khorixas.
- EPL8237
expired on March 23, 2024 but a renewal application was submitted
to the Namibian Ministry of Mines and the renewal is expected in
due course. EPL8237 is held by K Seventeen.
- EPL8530
is an application submitted by Ongwe and the awarding of the EPL is
expected in the ordinary course of business. Pursuant to a share
purchase and subscription agreement between inter alia, Belmont and
Ongwe, Ongwe must use best commercial endeavors to transfer this
EPL to Belmont.
- EPL8790,
EPL9022, EPL9449, EPL9450 are applications for exclusive
prospecting licences that were submitted to the Namibian Ministry
of Mines by Ongwe that Great Quest expects will be issued in due
course. Pursuant to a share purchase and subscription agreement
between inter alia, Belmont and Ongwe, Ongwe must use best
commercial endeavors to transfer these EPLs to Belmont.
- EPL9987
is an application for an exclusive prospecting licence that was
submitted to the Namibian Ministry of Mines by Belmont that Great
Quest expects will be issued in due course.
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”
President, Chief Executive Officer and
Director
Disclaimer for Forward-Looking
Information
This news release may contain forward-looking
statements. Forward-looking statements include, without limitation,
the trading of the Company’s shares, the Transaction and the
Company’s ability to complete the Transaction the Company’s ability
to raise additional financing and the Company’s future plans. 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 jed@greatquest.com
Great Quest Gold (TSXV:GQ)
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