Great Quest Announces Termination of Change of Business VANCOUVER, British Columbia, Nov. 11, 2020 (GLOBE NEWSWIRE) -- Great Quest Fertilizer Ltd. (TSXV:GQ) (“the Company”) reports that it has terminated its efforts to close the acquisition of Ivoirienne de Noix de Cajou SARL.
As consideration for the termination, the Company will repurchase 5,443,300 of its common shares for a nominal $1 and receive a full and final release from the outstanding remaining convertible debt and any and all other amounts owing to the transaction counterparties.
The Company’s board of directors undertook reasonable investigations and reviewed the alternatives in considering and applying their judgment to approve this transaction. As part of these deliberations, the directors determined that proceeding is fair and reasonable and in the best interests of the Company.
The Company will focus its efforts on its Sanoukou gold properties in Mali and seek strategic alternatives for the Tilemsi Phosphate project.
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