VANCOUVER, British Columbia, Jan. 16, 2020 (GLOBE NEWSWIRE) -- Great Quest Fertilizer Ltd (TSXV:GQ) (“Great Quest” or the “Company”) is pleased to announce that it has entered into a strategic partnership (the “Agreement”) with Akon Legacy Ventures, LLC. (“ALV”) to build and expand GQ’s business, customer base and increase potential revenue streams for the Company, effective January 1, 2020.
The partnership covers agricultural and mining activities in Africa, capital formation, promotion and marketing, and branding. ALV and its principals shall work with GQ on a non-exclusive basis to raise growth capital for the Company. GQ will determine the terms and amounts for fundraising and will close any financing transactions directly with investors and lenders.
ALV will present GQ with opportunities to participate in mining and agricultural activities that are related to GQ’s existing business and are deemed mutually beneficial.
In connection with the agreement, Mr. Aliaune “Akon” Thiam shall become an Advisor to the Company and actively promote the Company through his activities across traditional and social media, and on an ongoing basis. The Company will benefit greatly from his relationships in Africa and he will provide strategic advice on opportunities in Africa.
Mr. Aliaune Thiam, known internationally as Akon, is the CEO and Co-Founder of ALV. He is an American-born recording artist of Senegalese descent who achieved international fame in the early 2000’s with more than 40 songs on the Billboard music charts and 5 Grammy award nominations. He is a highly respected social entrepreneur, having initiated the energy project, Akon Lighting Africa, in 2014. ALV has successfully installed solar lighting and/or provided access to solar power to communities in 18 African nations to date, employing more than 5000 people across the continent.
The Company today also announces that Mr. Jon Karas, President and Co-Founder of Akon Legacy Ventures joins the Board of Directors of the Company and that both Bruce McKean and Salma Seetaroo have resigned from the Board. The Board of Directors of Great Quest wishes to thank Bruce and Salma for their tremendous contributions to the Company to date and very much look forward to Jon bringing his insight into Akon’s experiences, relationships and strategies for success in Africa. As a director, he will participate in the oversight, management and corporate governance of Great Quest.
Mr. Karas is a major force at the intersection of celebrity and social good. He has more than 25 years’ experience in financing a variety of ventures, packaging and producing entertainment and bringing the best businesses and talents to the global market. He is the President of Akoin, a decentralized blockchain-driven financing platform for Africa and other rising economies, which he co-founded with Akon. He is a founding Advisory Board member of Slate Entertainment Group, creator of disruptive crypto-driven gaming activities and content, streaming and ticketing platforms. He also founded the highly successful talent management company Infinity Management International in 1990, which represents top film and television writers, directors, and producers.
Jed Richardson, President and CEO of Great Quest Fertilizer commented, “We are very honoured to enter this strategic partnership with Akon Legacy Ventures. Akon has made a name for himself globally in the music business, turning his influence into unprecedented impact in the sustainable energy sector. We recognize great synergies between ALV and Great Quest with respect to our joint vision of Africa’s economic potential and look forward to working together to attract investment in pursuit of shareholder value and sustainable agricultural development in Africa.”
In connection with the services provided and mutual activities, ALV will receive special purchase warrants to purchase 2,203,000 shares of GQ at C$.20 per share in two separate tranches. The special purchase warrants can be exercised at any time and they shall be detached. The expiration date of the warrants shall be 24 months from the date of issue. However, the warrants can be cancelled earlier if ALV unilaterally terminates this Agreement.
About Great Quest
Great Quest Fertilizer Ltd. is a Canadian agribusiness company focused on the development of African agricultural mineral projects for local production of farm ready fertilizers. The Company’s flagship asset is the Tilemsi Phosphate Project, encompassing 1,206 km² in northeastern Mali, containing high quality phosphate resources amenable to use as direct application fertilizer. Great Quest is listed on the TSX Venture Exchange under the symbol GQ, and the Frankfurt Stock Exchange under the symbol GQM.
ON BEHALF OF THE BOARD OF DIRECTORS OF GREAT QUEST FERTILIZER LTD.
“Jed Richardson”
President, Chief Executive Officer and Director
Disclaimer for Forward-Looking Information
This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company’s current expectations. When used in this press release, the words "estimate", "belief", "anticipate", "intend", "expect", "plan", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release include information relating to the business plans of the Company and INCAJOU, and the board of directors and management of the Company. Such statements and information reflect the current view of the Company. Risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.