Great Quest Announces Extension of Final Tranche of Private Placement

This News Release is Intended for Distribution in Canada Only and is Not Authorized for Distribution to United States Newswire Services or for Dissemination in the United States.

Great Quest Gold Ltd. (TSXV:GQ,OTC:GQMLF) ("Great Quest" or the "Company") announces that it has received an extension from the TSX Venture Exchange (the "Exchange") with respect to the duration of its previously announced non-brokered private placement (the "Offering"). The outside date upon which final acceptance of the final tranche of the Offering (the "Final Tranche") will be granted by the Exchange has been extended until August 29, 2025. The Company closed the first tranche of the Offering on July 14, 2025 and issued 11,560,000 common shares (the "Shares") for gross proceeds of $289,000.

The Offering consists of up to 20,000,000 Shares, at a price of $0.025 per Share. All of the Shares issued pursuant to the Offering will be subject to a four month and one day hold period from the date of issue. The Offering is subject to the approval of the Exchange.

The net proceeds of the Offering will be used for costs associated with the Company's proposed reverse takeover transaction with Lotus Gold Corporation (the "Transaction") and general working capital purposes. For further details regarding the Transaction please see the Company's press release dated May 14, 2025. The Company expects to close the Final Tranche on or about August 22, 2025.

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.

About Great Quest

Great Quest Gold Ltd. is a Canadian mineral exploration company focused on developing high-potential gold and lithium projects in Namibia, Morocco, and Mali. The Company's flagship asset is the Damara Gold Project in Namibia, which includes the Khorixas, Omatjete, and Outjo projects, covering over 300,000 hectares. Khorixas has yielded high-grade grab samples up to 49.9 g/t Au, while Omatjete and Outjo present significant gold and lithium opportunities. In Mali, Great Quest is advancing the Sanoukou Gold Project, a 24 km 2 concession in the Kayes region. Great Quest Gold Ltd. 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 Offering and the Final Tranche and use of proceeds 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.

For more information:
Contact Tom Panoulias, VP Corporate Development by email at IR@greatquest.com

News Provided by Business Wire via QuoteMedia

GQ:CA
The Conversation (0)
Hand choosing a block with a red X beside a green checkmark block on a table.

China Minmetals Withdraws from Proposed Strategic Transaction with Highfield Resources

Highfield Resources (ASX:HFR) announced on Monday (August 18) that China Minmetals and its subsidiary Qinghai Salt Lake have decided not to proceed with the proposed strategic transaction amounting to approximately US$300 million equity subscription in Highfield. First announced on May 13 2025,... Keep Reading...
Wooden gavel and block with law books on reflective surface.

Morocco, Emmerson Advance Toward US$2.2 Billion Arbitration Over Halted Potash Project

Morocco has appointed an arbitrator in its ongoing legal battle with Emmerson (LSE:EML,OTC Pink:EMMRF) under the International Center for Settlement of Investment Disputes (ICSID).ICSID confirmed on August 15 that Morocco has nominated Professor Zachary Douglas, KC, an international law scholar... Keep Reading...
Tractor plowing large, sunlit field with mountains in the background.

Agriculture Market Update: Q2 2025 in Review

Fertilizer prices continued to rise in Q2, driven by supply shortages as well as fallout from US tariffs.According to data from the World Bank, the average quarterly phosphate price rose to US$673.20 per metric ton (MT) during the April to June period, up from US$600.50 in Q1 and US$536.70... Keep Reading...
Aerial view of a tractor spraying a vast, green field at sunset.

Agriculture Market Update: Q1 2025 in Review

Fertilizer prices were on the rise in Q1 after hitting their lowest averages since the pandemic in 2024. The average phosphate price rose to US$572.1 per metric ton (MT) during Q4 2024. This upward trend has continued, with prices increasing to US$582.70 in January, US$603.80 in February and... Keep Reading...
Aerial view of Mosaic's Belle Plaine potash mine in Saskatchewan, Canada.

Top 10 Potash Countries by Production

The potash sector faced a number of headwinds in 2024, leading to volatility in fertilizer prices for much of the year. While the market stabilized in the first half of 2024, lower cost inputs for potash production and improved crop production placed downward pressure on potash prices in the... Keep Reading...
Tractor spreading potash fertilizer on field at farm.

5 Canadian Potash Stocks

The global potash market is dominated by Canada, the world's leading potash producing country, with Canadian potash companies producing an impressive 15 million metric tons (MT) of the material in 2024.The potash industry has faced difficulties in the past few years, including challenges related... Keep Reading...

Latest Press Releases

Related News