Business
Great Quest Gold Enters Into Letter Agreement With Lotus Gold in Respect of a Proposed Reverse Takeover
Highlights Proposed combination to create a premier African gold exploration company with assets in Namibia and Egypt and a pipeline of other potential gold & c
About this update from Ongwe Minerals Inc.
[{"type":"text","content":"Highlights Proposed combination to create a premier African gold exploration company with assets in Namibia and Egypt and a pipeline of other potential gold & copper opportunities in southern Africa. Current premium portfolio of assets situated in world class gold production jurisdictions New leadership and technical team to be appointed with track-record of unlocking shareholder value in Namibia and Egypt through funding, discovery, development and numerous exits with combined transaction value in excess of $1bn Former Osino technical team credited with several significant discoveries Namibia Outjo Gold Project Located 35 km from Osino Resources’ Eureka discovery VANCOUVER, British Columbia / May 14, 2025 / Business Wire / Great Quest Gold Ltd. (“Great Quest” or the “Company”) (TSX-V: GQ) is pleased to announce that it has entered into a letter agreement dated May 7, 2025 (the “LOI”) with Lotus Gold Corporation (“Lotus”), pursuant to which Great Quest intends to acquire all of issued and outstanding securities of Lotus in exchange for newly issued common shares in the capital of Great Quest (“GQ Shares”) in accordance with the Exchange Ratio (as defined herein) as an arm's length transaction (the “Proposed Transaction”). Lotus Gold Corporation Lotus is a private Canadian gold exploration and development company incorporated as \"1251721 BC Ltd.\" on May 29, 2020 under the Business Corporations Act (British Columbia) (the \"BCBCA\") and changed its name to its present name \"Lotus Gold Corporation\" on August 26, 2020. Lotus is focused on the Egyptian Eastern Desert. Lotus Gold’s current interests include mineral properties covering approximately 2,000 km2 within the highly prospective Arabian-Nubian Shield. Lotus is driven by a strong management team and Board of Directors with extensive experience in exploring and developing mines in addition to successfully executing growth strategies through M&A and exploration. There are no Control Persons of Lotus within the meaning of that term under the policies of the TSX Venture Exchange. Since starting up in 2021, Lotus has completed extensive field work across its licences including 8,000m of drilling and collection/analysis of 25,000 trench and channel samples, 10,000 rock chip samples and 1,000 stream samples. This geology driven methodical exploration has led to two early-...