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VANCOUVER - Great Quest Gold Ltd. (TSXV:GQ), a micro-cap mining company with a market capitalization of $3.24 million, has received an extension from the TSX Venture Exchange for its ongoing non-brokered private placement, the company announced Wednesday.
The deadline for final acceptance of the offering’s final tranche has been extended to August 29, 2025. Great Quest previously closed the first tranche on July 14, issuing 11,560,000 common shares for gross proceeds of $289,000. InvestingPro data shows the company faces financial challenges with a current ratio of 0.05, indicating potential liquidity concerns.
The total offering consists of up to 20,000,000 common shares priced at $0.025 per share. All shares issued will be subject to a four-month and one-day hold period from their issue date. The company expects to close the final tranche around August 22.
According to the press release statement, proceeds from the offering will fund costs associated with Great Quest’s proposed reverse takeover transaction with Lotus Gold Corporation, which was initially announced on May 14, as well as general working capital purposes. The funding comes at a crucial time, as InvestingPro analysis reveals the company’s stock has declined by 58% over the past year, with additional insights available to subscribers.
Great Quest Gold describes itself as a Canadian mineral exploration company with gold and lithium projects in Namibia, Morocco, and Mali. Its flagship asset is the Damara Gold Project in Namibia, which includes properties that have yielded high-grade gold samples. The company currently reports negative earnings per share of -$0.02, reflecting the early-stage nature of its exploration activities.
The private placement remains subject to TSX Venture Exchange approval.
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