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  • Conquest closes $1.8 million private placement cnw

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    Conquest closes $1.8 million private placement
    cnwgroup Press Release Source:

    Conquest Resources Ltd. -
    On Wednesday December 23, 2009, 5:34 pm
    TORONTO, Dec. 23 /CNW/ -

    Conquest Resources Limited -
    (TSX-V: "CQR") announces it has closed a previously announced
    (November 30, 2009) non brokered private placement of $1,831,920
    consisting of 3,748,912 Flow-Through Shares at
    .23 per share
    and 5,300,895 units ("Units") at
    .19 per Unit, each Unit consisting
    of one common share and one-half of a common share purchase warrant,
    whereby each whole warrant entitles the holder to purchase
    one common share at
    .26 for one year.

    The offering has been made available to accredited investors in Canada
    and eligible international investors.
    No securities were offered in the United States of America or to
    United States residents.
    The flow though placement included the sale of 3,260,869 flow
    through shares ($750,000) to the MineralFields Group.

    "We are pleased to continue our relationship with MineralFields Group",
    said Terence McKillen, President and CEO.
    "We look forward to continuing to work with MineralFields Group as
    we explore the Company's Alexander Property at Red Lake, Ontario."

    In connection with the placement with the MineralFields Group, Limited
    Market Dealer Inc., received a $25,000 cash finder's fee together
    with 163,043 finders shares and 326,086 broker warrants, valid for
    a period of twelve months, to purchase common shares at
    .23 per
    share, equal in number to 10% of the flow-through shares subscribed
    for by MineralFields.

    John Kearney, Chairman of Conquest and an insider of the Corporation,
    subscribed for an additional 801,316 shares of the placement for gross
    proceeds of $163,250 (representing less than 1% of the total placement).


    Proceeds of the financing will be used to fund exploration expenses
    on Conquest's Alexander Property near Red Lake, Ontario
    and for general working capital.

    All securities issued are subject to a hold period of four months andone day from the date of issue in accordance with applicable securitieslaws and the requirements of the TSX Venture Exchange.

    ABOUT THE COMPANY

    Conquest is exploring several gold projects in Ontario.
    These include the Alexander Gold Project at Red Lake;
    the Aurora and Sunday Lake properties at Detour Lake;
    the King Bay Gold Project at Sturgeon Lake (60% interest);
    and the Smith Lake Gold Project at Missanabie.

    The Alexander gold project
    is located in Balmer Township in the heart of the Red Lake Gold Camp.
    It is situated within the "Mine Trend" structural corridor adjacent
    to Goldcorp's Red Lake and Campbell gold mines, which contain historic
    production and current resources in excess of 28 million ounces of
    gold, and approximately 1,000 metres east of the Red Lake Complex shaft
    headframe and within 400 metres of the Far East gold zone at
    the Red Lake Mine.
    In November 2009, Conquest completed a 4,100 metre drill program
    which successfully doubled the drilling depth profile on the project
    and reported gold mineralization in all six holes completed in
    the program.
    The company plans to continue exploration in 2010 with a drill program
    targeting structures at depth interpreted to extend from the adjacent
    Red Lake Gold Mine.

    Following the completion of the placement, there will be
    81,813,637 shares of Conquest issued and outstanding.

    About MineralFields, Pathway and First Canadian Securities (R)

    MineralFields Group
    (a division of Pathway Asset Management), based in Toronto, Vancouver,
    Montreal and Calgary, is a mining fund with significant assets under
    administration that offers its tax-advantaged super flow-through
    limited partnerships to investors throughout Canada as well as
    hard-dollar resource limited partnerships to investors throughout
    the world.
    Pathway Asset Management also specializes in the manufacturing and
    distribution of structured products and mutual funds (including the
    Pathway Multi Series Funds Inc. corporate-class mutual fund series).
    Information about MineralFields Group is available at
    www.mineralfields.com
    .
    First Canadian Securities -
    (R) (a division of Limited Market Dealer Inc.) is active in leading
    resource financings (both flow-through and hard dollar PIPE financings)
    on competitive, effective and service-friendly terms, and offers
    investment banking, mergers and acquisitions, and mining industry
    consulting, services to resource companies.
    MineralFields and Pathway have financed several hundred mining and
    oil and gas exploration companies to date through
    First Canadian Securities (R).

    This news release may include certain "forward-looking statements". Allstatements other than statements of historical fact, included in thisrelease, including, without limitation, statements regarding potentialmineralization, resources and reserves, exploration results, and futureplans and objectives of Conquest, are forward-looking statements thatinvolve various risks and uncertainties. There can be no assurance thatsuch statements will prove to be accurate and actual results and futureevents could differ materially from those anticipated in suchstatements. Important factors that could cause actual results to differmaterially from Conquest's expectations are exploration risks detailedherein and from time to time in the filings made by Conquest withsecurities regulators.

    Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or the accuracy of this release.

    For further information

    Terence N. McKillen, President & CEO, (647) 728-4126
    D. Brett Whitelaw, Vice-President, (604) 662-8633
    John F. Kearney, Chairman, (416) 362-6686
    Robert Kinloch, Director, (306) 343-5799
    Email: info@conquestresources.net,
    URL: http://www.conquestresources.net

    http://finance.yahoo.com/news/Conquest-closes-18-million-cnw-4234273335.html?x=0&.v=1





    http://www.conquestresources.net/pdfs/CQR%20PR%2020091218%20%28Final%20Results%20Alexander%29.pdf

    http://www.conquestresources.net/pdfs/CQR_Fact_Sheet.pdf

    Merry Christma
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