Great Quest closes gold and lithium acquisitions, Namibia
Great Quest Fertilizer Ltd. [TSXV-GQ] has closed its previously announced acquisition of a 25% ownership interest in Belmont Mineral Exploration (Pty) Ltd., a Namibian private company.
Belmont holds, directly or through option agreements, 14 exclusive prospecting licenses covering 307,778 hectares of exploration licenses, including the Khorixas Gold Project, the Omatjete Gold and Lithium Project, and the Outjo Gold Project. Refer to press releases dated December 21, 2023 and May 27, 2024 for further details regarding the transaction.
As consideration for an initial 25% equity interest in Belmont, Great Quest has paid the Namibian dollar equivalent of USD$60,000 in cash to the vendor; and agreed to fund the Namibian dollar equivalent of US$1,400,000 for exploration expenditures on the projects within 24 months of closing of the transaction.
Following the closing of the transaction, Great Quest can acquire an additional 26% ownership interest in Belmont by funding the Namibian dollar equivalent of US$1,400,000 for exploration expenditures on the Projects.
Pursuant to an assignment and assumption agreement dated December 20, 2023, as amended, with Sulliden Mining Capital Inc., Great Quest has issued 5 million Great Quest common shares to Sulliden; agreed to pay Sulliden US$50,000 in cash within 90 days of closing the transaction and US$50,000 within 180 days of closing the transaction; and agreed to reimburse Sulliden’s costs of CAD$115,824.59 within 90 days of closing the transaction. The Great Quest common shares issued to Sulliden are subject to a four-month statutory hold period.
Great Quest Fertilizer is 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.