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.
VANCOUVER, British Columbia, June 16, 2025 — Great Quest Gold Ltd. (TSXV:GQ)
(“Great Quest” or the “Company”) announces that it intends to complete a nonbrokered private placement for gross proceeds of up to $500,000 (the “Private
Placement”). The Private Placement will consist of up to 20,000,000 common
shares of the Company (each, a “Share”), at a price of $0.025 per Share.
All of the Shares 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 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 Private Placement on or about
July 11, 2025.
The Private Placement is subject to the approval of the TSX Venture Exchange
(“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 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 maintains
the Sanoukou Gold Project, a 24 km2 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 Private Placement 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: (647) 276-6002 x 1127 or
IR@greatquest.com