Great Quest Announces Closing of First Tranche of Non-Brokered Private Placement

Business Wire

14-07-2025

VANCOUVER, British Columbia--(BUSINESS WIRE)--Great Quest Gold Ltd. (TSXV:GQ) ('Great Quest' or the 'Company') announces that it has closed the first tranche of its previously announced non-brokered private placement for gross proceeds of $289,000 (the 'First Tranche'). Pursuant to the First Tranche, the Company has issued 11,560,000 common shares of the Company (each, a 'Share'), at a price of $0.025 per Share.
All of the Shares issued pursuant to the First Tranche are subject to a four month and one day hold period from the date of issue. The Company intends to close the final tranche (the 'Subsequent Tranche') of the private placement on or about July 25, 2025 for additional gross proceeds of approximately $211,000.
The net proceeds of the First Tranche will be used for costs associated with the Company's proposed reverse takeover transaction with Lotus Gold Corporation (the 'Transaction'). Pursuant to the Transaction, the Shares shall be consolidated on a basis of one post-consolidation Share for every 30 pre-consolidation Share.
For further details regarding the Transaction, including the equity ownership that existing Great Quest shareholders will hold in the resulting issuer following completion of the Transaction, please see the Company's press release dated May 14, 2025.
The First Tranche is subject to the approval of the TSX Venture Exchange. In connection with the Private Placement, the Company paid cash finder's fees of $6,625 to eligible finders.
About Great Quest
Great Quest Gold 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 km 2 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.
ON BEHALF OF THE BOARD OF DIRECTORS OF GREAT QUEST GOLD 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 First Tranche and use of proceeds, the size and timing of the Subsequent Tranche 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.