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Highlights:
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- $4.5 million in subscriptions acquired for Concurrent Financing.
- Updated disclosure and transaction paperwork ready and submitted to the TSX Venture Exchange for conditional approval.
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VANCOUVER, British Columbia — Further to the information releases dated October 23, 2025 and September 3, 2025, Great Quest Gold Ltd. (“Great Quest” or the “Company”) (TSX-V: GQ) hereby supplies an replace concerning the proposed reverse takeover (the “RTO”) transaction by Lotus Gold Corporation (“Lotus”) of Great Quest.
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The Company and Lotus are happy to report that they’ve acquired combination subscriptions of roughly $4.5 million in reference to the beforehand introduced non-brokered personal placement (the “Concurrent Financing“).
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The Company and Lotus have ready and submitted up to date disclosure and transaction paperwork required below the insurance policies of the TSX Venture Exchange (the “Exchange“) to finish the RTO. These updates have addressed amendments to the phrases of the RTO and Concurrent Financing and have been submitted to the Exchange for evaluate in accordance with the relevant necessities. Great Quest and Lotus are getting ready to finish the RTO as quickly as attainable, topic to the timeframes prescribed by the insurance policies of the Exchange and can present an additional replace as soon as extra particular closing timing has been decided in coordination with the Exchange.
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David Underwood, Ongwe’s incoming CEO, commented as follows: “We are grateful for the very robust monetary assist we’ve acquired from outdated and new shareholders with the CAD4.5m financing, which is able to shut. This will give us the monetary buffer to execute the deliberate mattress rock drill program, and systematic and large-scale regional soil sampling. We are excited to be testing our precedence Khorixas and Omatjete gold prospects with a drill program which can be kicked off imminently. As quickly because the RTO has been accomplished, we’ll publish additional particulars of our deliberate 2026 exploration program, which can be focussed on defining correct bedrock targets for a diamond drill program later in 2026, in addition to ongoing regional exploration for added gold mineralization. While the timing of the go-public course of has been slower than anticipated, timing is presently pushed by the inventory trade regulatory evaluate processes. We are nearing the tip of this course of, and within the meantime we’ve been arduous at work to arrange and prepare for the in depth exploration program to be kicked off on our Namibian floor positions on completion of the RTO.”
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On behalf of the board of administrators of Great Quest Gold Ltd.:
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“Jed Richardson”
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Chief Executive Officer and Executive Chairman
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Further Information and Disclaimer
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All info contained on this information launch with respect to Great Quest and Lotus was provided by the events respectively, for inclusion herein, and every get together and its administrators and officers have relied on the opposite get together for any info in regards to the different get together. Completion of the RTO is topic to various situations, together with however not restricted to, Exchange acceptance and, if relevant, pursuant to the necessities of the Exchange, disinterested shareholder approval. Where relevant, the RTO can’t shut till any required shareholder approvals are obtained. There may be no assurance that the transaction can be accomplished as proposed or in any respect. Investors are cautioned that, besides as disclosed within the administration info round or submitting assertion to be ready in reference to the RTO, any info launched or acquired with respect to the transaction will not be correct or full and shouldn’t be relied upon. Trading within the securities of a capital pool firm needs to be thought of extremely speculative. The TSX Venture Exchange has by no means handed upon the deserves of the RTO and has neither authorised nor disapproved the contents of this press launch.
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Neither the TSX Venture Exchange nor its regulation companies supplier (as that time period is outlined within the insurance policies of the TSX Venture Exchange) accepts accountability for the adequacy or accuracy of this launch.
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Cautionary Statements Regarding Forward Looking Information
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This information launch incorporates “forward-looking info” inside the which means of relevant securities legal guidelines regarding the proposal to finish the RTO and related transactions. Any such forward-looking statements could also be recognized by phrases reminiscent of “expects”, “anticipates”, “believes”, “initiatives”, “plans” and related expressions. Readers are cautioned to not place undue reliance on forward-looking statements. Statements about, amongst different issues, the completion and anticipated phrases of the RTO, the variety of securities of the Company that could be issued in reference to the RTO, and financings, acquiring the requisite shareholder approval, Lotus’ strategic plans and the events’ capability to fulfill closing situations and obtain essential approvals, are all forward-looking info. These statements shouldn’t be learn as ensures of future efficiency or outcomes. Such statements contain recognized and unknown dangers, uncertainties and different components that will trigger precise outcomes, efficiency or achievements to be materially totally different from these implied by such statements. Although such statements are based mostly on administration’s cheap assumptions, there may be no assurance that the Arrangement (together with the identify change and consolidation), or the financings will happen or that, if the RTO, and the financings do happen, they are going to be accomplished on the phrases described above. Great Quest and Lotus assume no accountability to replace or revise forward-looking info to mirror new occasions or circumstances until required by relevant regulation.
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View supply model on businesswire.com:
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For extra info, please contact:
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Great Quest Gold Ltd.
Jed Richardson, Executive Chairman
Email: IR@greatquest.com
(647) 276-6002
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Lotus Gold Corporation
Mike Silver, Interim CEO
Email: msilver@lotusgold.ca
(647) 235-1800
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