Great Quest Announces Termination of Change of Business
November 11 2020 - 9:20AM
Great Quest Fertilizer Ltd. (TSXV:GQ) (“the Company”) reports that
it has terminated its efforts to close the acquisition of
Ivoirienne de Noix de Cajou SARL.
As consideration for the termination, the
Company will repurchase 5,443,300 of its common shares for a
nominal $1 and receive a full and final release from the
outstanding remaining convertible debt and any and all other
amounts owing to the transaction counterparties.
The Company’s board of directors undertook
reasonable investigations and reviewed the alternatives in
considering and applying their judgment to approve this
transaction. As part of these deliberations, the directors
determined that proceeding is fair and reasonable and in the best
interests of the Company.
The Company will focus its efforts on its
Sanoukou gold properties in Mali and seek strategic alternatives
for the Tilemsi Phosphate project.
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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