Great Quest, a Canadian mineral exploration company, has acquired a 25% ownership interest in Belmont Mineral Exploration.
The deal struck on December 21, 2023, was concluded this week.
Belmont holds, directly or through option agreements, 14 exclusive prospecting licenses covering 307,778 hectares of exploration licenses, including the Khorixas Gold Project, the Omatjete Gold and Lithium Project, and the Outjo Gold Project.
Great Quest will pay US$1.4 million to fund the exploration of the projects within 24 months of the transaction.
The company can also acquire an additional 26% ownership interest in Belmont by paying US$1.4 million for project exploration expenditures.
Great Quest has also agreed to issue 5 million common shares to Sulliden, paying US$50,000 in cash within 90 days of closing the transaction and US$50,000 within 180 days.
Additionally, Great Quest agreed to reimburse Sulliden’s costs of CAD$115,824.59 (about N$1.5 million) within 90 days of closing the transaction.
The Great Quest common shares issued to Sulliden are subject to a four-month statutory hold period.
