TORONTO, July 17, 2024 (GLOBE NEWSWIRE) — Sulliden Mining Capital Inc. (“Sulliden” or the “Company”) (TSX: SMC) announces today that it has closed an assignment (the “Assignment”) of its rights and obligations set out in a share purchase and subscription agreement dated July 9, 2023, as amended (the “Agreement”), to Great Quest Fertilizer Limited (TSXV: GQ) (“Great Quest”). Under the Agreement, Sulliden had the right to acquire up to a 70% equity interest in a private Namibian company, which holds, either directly or through option agreements, 14 exclusive prospecting licenses representing 307,778 hectares of exploration licenses in Namibia (collectively, the “Damara Project”). For more information about the Assignment, Agreement, and Damara Project, please see the Company’s press releases dated December 22, 2023 and July 10, 2023, which are available under Sulliden’s SEDAR+ profile at www.sedarplus.ca.
As consideration for the Assignment pursuant to the assignment and assumption agreement dated December 22, 2023, as amended, Great Quest has (i) issued 5 million Great Quest common shares to Sulliden, (ii) agreed to pay Sulliden US$100,000 in cash, with US$50,000 payable within 90 and 180 days of closing the Assignment, and (iii) agreed to reimburse Sulliden for fees and expenses incurred related to the Agreement of C$115,824.59 within 90 days of closing the Assignment. The Great Quest common shares issued to Sulliden are subject to a four-month statutory hold period.
About Sulliden
Sulliden is a mining company focused on acquiring and advancing brownfield, development-stage and early production-stage mining projects in the Americas, Australia, and Africa.
Sulliden Mining Capital Inc.
On behalf of the Board
“Scott Moore”, Chief Executive Officer
info@sulliden.com
(416) 861-2267
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