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VANCOUVER, British Columbia, Nov. 11, 2021 (GLOBE NEWSWIRE) -- Great Quest Fertilizer Ltd (TSXV:GQ) (“Great Quest” or “the Company”) intends to complete a non-brokered private placement for gross proceeds of up to $1,500,000 (the "Private Placement"). The Private Placement will consist of up to 30,000,000 units of the Company (each, a "Unit"), at a price of $0.05 per Unit. Each Unit shall consist of one common share in the capital of the Company (each a "Share") and one common share purchase warrant (each a “Warrant”). Each Warrant shall entitle the holder to purchase one common share in the capital of the Company (a "Warrant Share") at a price of $0.10 per Warrant Share for a period of two years following the closing date, subject to an acceleration provision whereby in the event that at any time after the expiry of the statutory hold period the Shares trade at $0.20 or higher on the TSX Venture Exchange (“TSXV”) for a period of 10 consecutive days, the Company shall have the right to accelerate the expiry date of the Warrants to the date that is 30 days after the Company issues a news release announcing that it has elected to exercise the acceleration right.
All of the securities issued pursuant to the Private Placement will be subject to a four month and one day hold period from the date of issue.
The net proceeds of the Private Placement will be and for general working capital.
The Private Placement is subject to the approval of the TSXV. In connection with the Private Placement, the Company may pay finder’s fees in accordance with the rules and policies of the TSXV.
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.
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 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.
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