Business
Great Quest Gold (To Be Renamed Ongwe Minerals) Provides Update Regarding Proposed Reverse Takeover Transaction With Lotus Gold
Highlights: $4.5 million in subscriptions received for Concurrent Financing. Updated disclosure and transaction documents prepared and submitted to the TSX Vent
About this update from Ongwe Minerals Inc.
[{"type":"text","content":"Highlights: $4.5 million in subscriptions received for Concurrent Financing. Updated disclosure and transaction documents prepared and submitted to the TSX Venture Exchange for conditional approval. VANCOUVER, British Columbia / Dec 09, 2025 / Business Wire / Further to the news releases dated October 23, 2025 and September 3, 2025, Great Quest Gold Ltd. (“Great Quest” or the “Company”) (TSX-V: GQ) hereby provides an update regarding the proposed reverse takeover (the “RTO”) transaction by Lotus Gold Corporation (“Lotus”) of Great Quest. The Company and Lotus are pleased to report that they have received aggregate subscriptions of approximately $4.5 million in connection with the previously announced non-brokered private placement (the \"Concurrent Financing\"). The Company and Lotus have prepared and submitted updated disclosure and transaction documents required under the policies of the TSX Venture Exchange (the \"Exchange\") to complete the RTO. These updates have addressed amendments to the terms of the RTO and Concurrent Financing and have been submitted to the Exchange for review in accordance with the applicable requirements. Great Quest and Lotus are preparing to complete the RTO as soon as possible, subject to the timeframes prescribed by the policies of the Exchange and will provide a further update once more specific closing timing has been determined in coordination with the Exchange. David Underwood, Ongwe’s incoming CEO, commented as follows: “We are grateful for the very strong financial support we have received from old and new shareholders with the CAD4.5m financing, which is ready to close. This will give us the financial buffer to execute the planned bed rock drill program, and systematic and large-scale regional soil sampling. We are excited to be testing our priority Khorixas and Omatjete gold prospects with a drill program which will be kicked off imminently. As soon as the RTO has been completed, we will publish further details of our planned 2026 exploration program, which will be focussed on defining accurate bedrock targets for a diamond drill program later in 2026, as well as ongoing regional exploration for additional gold mineralization. While the timing of the go-public process has been slower than anticipated, timing is presently driven by the stock exchange regulatory review processes. We are nea...