The Private Placement will consist of up to 2,500,000 units of the Company (each, a 'Unit'), at a price of
The net proceeds of the Private Placement will be used towards expenses to be incurred with respect to closing the Company's ongoing change of business transaction (the 'COB') and for general working capital.
Subscriptions from participating insiders of the Company will be considered to be a related party transaction within the meaning of Exchange Policy 5.9 and Multilateral Instrument 61-101 ('MI 61-101'). The Company intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of any insider participation.
The Private Placement is subject to the approval of the
COB Process Update
Great Quest continues to work through the COB process as outlined by the TSXV. Upon completion of the audit, shareholders will vote on the transaction. Approval of the transaction and the change of business by shareholders will allow the acquisition of Ivoirienne de Noix de Cajou to close and the shares of Great Quest to resume trading.
About Great Quest
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, the Company's ability to complete the COB, the resumption of trading of the Company's shares 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
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in
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