Conquest closes $1.8 million private placement
December 23, 2009 08:16 pm
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
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 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
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
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
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