TORONTO, Dec. 12, 2017 /CNW/ - Conquest Resources Limited (TSX-V: "CQR") ("Conquest" or "the Company") announces the completion of the acquisition of Northern Nickel Mining Inc. ("Northern Nickel") and with it the Golden Rose Property which encompasses the former Golden Rose gold mine located 65 kilometres northeast of Sudbury, Ontario.
Conquest has completed the transaction through the issuance of 10,000,000 shares of Conquest, representing approximately 10% of the Conquest shares outstanding, to the shareholders of Northern Nickel in exchange for a 100% interest of Northern Nickel.
Northern Nickel is the owner of patented and staked mining claims measuring 770 hectares in size that encompass the former Golden Rose gold mine and highly prospective North and South banded iron formations at Emerald Lake. Conquest is planning to commence a property-wide surface exploration program following the completion of a private placement financing.
An advisory fee was paid to Added Capital, who acted as financial advisor to Northern Nickel and initiated the transaction, by the issuance of 600,000 shares of Conquest.
PRIVATE PLACEMENT FINANCING
As previously announced on December 7, 2017, Conquest is seeking a non-brokered private placement of up to 3,500,000 units for gross proceeds of up to $525,000, of which $350,000 or more will be used for exploration at Golden Rose representing the flow-through portion of the private placement. The remaining proceeds will be used for the general expenses of the Company.
Conquest is seeking to complete this private placement prior to the end of December 2017.
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 Company also holds a 100% interest in the Smith Lake Property that encircles the former Renabie gold mine in northern Ontario.
Following the completion of the acquisition, the Company has 106,077,728 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
For further information: Benjamin Batson, P. Geo., P. Eng., President and CEO, 647-728-4134; Robert Kinloch, Executive Vice President, 306-343-5799; John F. Kearney, Chairman, 416-362-6686