Great Quest Closes Non-Brokered Private Placement of $204,600
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VANCOUVER, BRITISH COLUMBIA (September 17, 2015) -- Further to its news release of September 8, 2015, Great Quest Fertilizer Ltd (the "Company") (TSX-V: GQ) is pleased to announce that it has completed, subject to the approval of the TSX Venture Exchange, a non- brokered private placement of 682,000 units at a price of $0.30 per unit for gross proceeds of $204,600.
Each unit consists of one common share of the Company and one full common share purchase warrant. Each common share purchase warrant is exercisable for one common share at a price of $0.50 per share on or before May 20, 2020
All of the shares, warrants and any shares issued upon exercise of the warrants comprising the units are subject to a hold period and may not be traded in British Columbia until four months and one day from the closing date of the Private Placement, except as permitted by the applicable Securities Acts and the Rules made thereunder and the TSX Venture Exchange.
The net proceeds from the private placement will be used for operations and development of the Company's projects, and for general working capital purposes.
About Great Quest
Great Quest Fertilizer Ltd. is a Canadian mineral exploration company focused on the development of African agricultural mineral projects for local production of farm ready fertilizers. The Company's flagship asset is the Tilemsi Phosphate Project, encompassing 1,206 km² 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.
President, Chief Executive Officer and Director
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. The statements that are not historical facts and are forward- looking statements involving known and unknown risks and uncertainties could cause actual results to vary materially from the targeted results. We seek safe harbor.