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Great Quest acquires Ivorian cashew processor via related party


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Great Quest acquires Ivorian cashew processor via related party

Great Quest Fertilizer Ltd. said Dec. 18 that it closed its US$3 million acquisition of Ivoirienne de Noix de Cajou SARL, an Ivory Coast-based cashew processor, through 1184700 B.C. Ltd.

Bruce McKean, a director and shareholder of Great Quest, owns 1184700 B.C.

The company decided to complete the transaction through a related party as the necessary documentation and approval process of the TSX Venture Exchange with respect to the change of business would not have allowed a timely closing.

The Canadian agribusiness will submit an application for the business change, involving the acquisition of 1184700 B.C. in a non-arm's length transaction.

Ivoirienne de Noix de Cajou engaged a local contractor to assist in the startup, with commissioning work expected to start in the week of Dec. 17. Great Quest management will continue to manage start-up operations of the plant.

The transaction constitutes a change of business for Great Quest, but the company said previously that it would continue to focus on advancing its Tilemsi phosphate project in Mali and review other value-added agribusiness opportunities in Africa. The company is seeking a mining permit for Tilemsi, and expects to receive a response in 2019.

In addition, Great Quest is working on a plan to raise financing in order to satisfy its 12-month working capital requirement. As part of the plan, the company is in talks with several interested parties to divest the Sanoukou and Dabia Ouest gold permits in Mali.