Great Quest Fertilizer Enters into Loan Agreements
April 23 2024 - 5:00PM
Great Quest Fertilizer Ltd. (TSX-V: GQ) (“Great Quest” or the
“Company”) announces that it has entered into loan agreements with
each of Jed Richardson, CEO of the Company, Albert Yuen, Director
of the Company, David Shaw, Director of the Company, John Clarke,
Director of the Company and Aidan Sullivan, a VP of the Company,
for an aggregate amount of CAD$490,000 (collectively, the “Loans”).
The Loans are unsecured, accrue interest at 20% and mature 18
months from the date of the promissory note evidencing the Loan.
The Company will use the proceeds of the Loans for working capital
purposes and to facilitate the closing of Great Quest’s acquisition
of Belmont Mineral Exploration (PTY) Ltd (please see the Company’s
press release dated December 21, 2023 for further details).
Each of Messrs Richardson, Yuen, Shaw and Clarke
are a “related party” to Great Quest and the Company has relied on
certain exemptions from the minority approval and formal valuation
requirements under Multilateral Instrument 61-101 – Protection
of Minority Security Holders in Special
Transactions (“MI 61-101”) pursuant to
Sections 5.5(b) and 5.7(1)(f) of MI 61-101.
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 Loans and use of proceeds thereof, 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
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