TORONTO, Dec. 7, 2017 /CNW/ - Conquest Resources
Limited (TSV-V: "CQR") ("Conquest" or "the Company") announces
that it has received approval from the shareholders of Northern
Nickel Mining Inc. ("Northern Nickel") to acquire 100% of the
shares of Northern Nickel and thereby acquire the Golden Rose
Property which encompasses the former Golden Rose gold mine and
related patented and staked mining claims located 65 kilometres
northeast of Sudbury, Ontario.
ACQUISITION UPDATE
On November 27, 2017, Conquest
announced that it has entered into an Agreement with Northern
Nickel and its majority shareholders to acquire 100% of Northern
Nickel in consideration of the issuance of a total of 10,000,000
shares of Conquest to the shareholders of Northern Nickel.
Through the issuance of these shares, which represents
approximately 10% of the Conquest shares outstanding, the Company
will have acquired the Golden Rose Property (the "Property").
An advisory fee in connection with the transaction will be paid to
Added Capital Inc. through the issuance of 600,000 shares of
Conquest.
"The Company is very pleased to announce that all
shareholders of Northern Nickel have voted in favour of the
transaction and agreed to transfer 100% of the shares of Northern
Nickel to Conquest in exchange for Conquest shares. This
support allows Conquest to complete the transaction and forge ahead
with exploration plans for this gold project representing an
exciting new opportunity for Conquest shareholders" commented
Benjamin Batson, P. Geo, P. Eng.,
President and Chief Executive of Conquest. The formal closing
of this acquisition is expected to occur by the end of the
week.
Conquest's exploration strategy for the Golden Rose Property
incorporates targets in Algoman-type banded iron formation and
Archean-aged greenstone volcanics in search of orogenic gold
deposits at three distinct mine-, property- and regional-
scales.
More than six kilometres of underground workings and 450 drill
holes, in addition to surface mapping, geochemistry and geophysics
are being integrated into a new geological model of the Golden Rose
project.
Clear targets have been identified at the mine-site and
elsewhere on the Property along the North and South banded iron
formations which will be the subject of structural interpretation
and drill testing by Conquest in the upcoming exploration season in
2018.
PRIVATE PLACEMENT FINANCING UPDATE
Conquest is seeking a non-brokered private placement of up to
3,500,000 units for gross proceeds of up to $525,000 (see News Release – November 27, 2017). At least
$350,000 will be used for exploration
at Golden Rose, representing the flow-through portion of the
private placement, while the remaining proceeds will be used for
the general expenses of the Company.
Each unit will consist of two flow-through shares, one common
share and one-half of a common share purchase warrant. Each
whole warrant will entitle the holder to purchase one additional
common share of Conquest for $0.075
for a term of one year. The units will be priced at
$0.15 per unit of which $0.10 is attributable to the two flow-through
shares (at $0.05 each) and
$0.05 is attributable to each common
share.
Insiders of Conquest may purchase up to 1,000,000 units
($150,000) in the private
placement. The Company is seeking to complete this private
placement prior to the end of December, 2017.
QUALIFIED PERSONS
Information of a scientific or technical nature contained in
this release has been prepared by or under the supervision of
Benjamin Batson, P. Geo., P. Eng.,
President and Chief Executive Officer of the Company. Mr.
Batson is a Qualified Person within the meaning of National
Instrument 43‐101 of the Canadian Securities Administrators.
COMPANY OVERVIEW
Conquest Resources Limited was first incorporated in 1945 and is
a mineral exploration company that is engaged in the exploration of
mineral properties in Ontario. The
Company's principal exploration target is gold.
Conquest holds an undivided 100% interest in the Alexander
Property located in the Red Lake
mining camp in Ontario. The Alexander Gold Project is located
immediately east of Goldcorp's Red
Lake and Campbell mines in the heart of the Red Lake Gold
Camp on the important "Mine Trend" regional structure.
Conquest's property is almost entirely surrounded by Goldcorp's
land holdings.
Conquest also holds a 100% interest in the Smith Lake Property
which consists of six (6) patented mining claims and sixteen (16)
staked mining claims in Leeson, Stover, Brackin, and Rennie
Townships in northern Ontario,
lying to the north, west and south of the former Renabie gold
mine.
Information will be made available in the coming days regarding
the Company's exploration plans for the Golden Rose Property, the
details of the acquisition transaction and the private placement
financing by way of news release and a new company website.
The Company has 95,477,728 common shares outstanding.
This news release may include certain "forward-looking
statements". All statements other than statements of historical
fact, included in this release, including, without limitation,
statements regarding potential mineralization, resources and
reserves, exploration results, and future plans and objectives of
Conquest, are forward-looking statements that involve various risks
and uncertainties. There can be no assurance that such statements
will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from Conquest's expectations are exploration risks
detailed herein and from time to time in the filings made by
Conquest with securities regulators. Neither the TSX Venture
Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or the accuracy of this
release.
SOURCE Conquest Resources Limited
