Great Quest Announces a non-brokered private placement of up to $250,000
May 06 2020 - 6:00AM
Great Quest Fertilizer Ltd (TSXV:GQ) (“the Company”) intends to
complete a non-brokered private placement for gross proceeds of up
to $250,000 (the "Private Placement"). The Private Placement will
consist of up to 2,500,000 units of the Company (each, a "Unit"),
at a price of $0.10 per Unit. Each Unit shall consist of one common
share in the capital of the Company (each a "Share") and one common
share purchase warrant. Each warrant shall entitle the holder to
purchase one common share in the capital of the Company (a "Warrant
Share") at a price of $0.20 per Warrant Share for a period of three
years following the closing date. All of the securities issued
pursuant to the Private Placement will be subject to a four month
and one day hold period from the date of issue.
The net proceeds of the Private Placement will
be used towards expenses to be incurred with respect to closing the
Company’s ongoing change of business transaction (the “COB”) and
for general working capital.
Subscriptions from participating insiders of the
Company will be considered to be a related party transaction within
the meaning of Exchange Policy 5.9 and Multilateral Instrument
61-101 ("MI 61-101"). The Company intends to rely on the exemptions
from the valuation and minority shareholder approval requirements
of MI 61-101 contained in Sections 5.5(a) and 5.7(1)(a) of MI
61-101 in respect of any insider participation.
The Private Placement is subject to the approval
of the TSX Venture Exchange (“TSXV”). In connection with the
Private Placement, the Company may pay finder’s fees in accordance
with the rules and policies of the TSXV.
COB Process Update
Great Quest continues to work through the COB process as
outlined by the TSXV. Upon completion of the audit, shareholders
will vote on the transaction. Approval of the transaction and the
change of business by shareholders will allow the acquisition of
Ivoirienne de Noix de Cajou to close and the shares of Great Quest
to resume trading.
About Great Quest
Great Quest Fertilizer Ltd. is a Canadian
agribusiness company focused on the development of African
agricultural mineral projects for local production of farm ready
fertilizers. The Company’s flagship asset is the Tilemsi Phosphate
Project, encompassing 1,206 km² 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
Neither the TSX Venture Exchange nor its
Regulation Services Provider accepts responsibility for the
adequacy or accuracy of this release.
This news release may contain forward-looking
statements. These statements include statements regarding the
Private Placement, the expected use of proceeds of the Private
Placement, the Company’s ability to complete the COB, the
resumption of trading of the Company’s shares 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.
This news release does not constitute an offer
to sell or a solicitation of an offer to buy any of the securities
in the United States. The securities have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act") or any state securities laws
and may not be offered or sold within the United States or to U.S.
Persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available.
For more information:
Please call Jed Richardson at 1-877-325-3838 or email info@greatquest.com
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