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Conquest Closes Over Subscribed $3,110,000 Subscription Receipt Financing and $1,300,000 Strategic Investment by Kirkland Lake Gold
Toronto, Ontario--(Newsfile Corp. - September 16, 2020) - Conquest Resources Limited (TSXV: ...
About this update from Conquest Resources Limited
[{"type":"text","content":"Conquest Closes Over Subscribed $3,110,000 Subscription Receipt Financing and $1,300,000 Strategic Investment by Kirkland Lake GoldToronto, Ontario--(Newsfile Corp. - September 16, 2020) - Conquest Resources Limited (TSXV: CQR) (\"Conquest\" or the \"Company\") is pleased to announce that it has closed its previously announced non-brokered subscription receipt financing to raise gross proceeds of $3,110,000 (the \"Non-Brokered Financing\"), and a separate concurrent subscription receipt financing with Kirkland Lake Gold Ltd. (TSX: KL) (NYSE: KL) (ASX: KLA) to raise gross proceeds of $1,300,000 (the \"KL Financing\").John Kearney, Chairman of Conquest stated, \"We are very pleased with the strong interest in our financings and, in particular, we welcome Kirkland Lake as a strategic shareholder. We look forward to completing the acquisition of Canadian Continental Exploration Corp., following which the enlarged Conquest will own a unique and very prospective portfolio of exploration properties in some of the most well-known mining camps in Ontario. Conquest will be well capitalized with over $5 million in cash and we look forward to beginning our drill program in October.\"Kirkland Lake Strategic Investment In connection with the KL Financing, Conquest has issued 10,000,000 subscription receipts (the \"KL Subscription Receipts\") to Kirkland Lake Gold Ltd. (\"Kirkland Lake\") at a price of $0.13 each to raise gross receipts of $1,300,000. Each KL Subscription Receipt entitles the holder to acquire one unit of Conquest (a \"KL Unit\"), for no additional consideration. Each KL Unit consists of one common share of Conquest (as it exists after giving effect to the previously announced 2.5 for one consolidation of the issued and outstanding Conquest shares (the \"Consolidation\")) and one quarter of one share purchase warrant of Conquest. Each full share purchase warrant (a \"Warrant\") is exercisable at $0.18 for a period of two years following the completion of Conquest's previously announced acquisition (the \"Acquisition\") of Canadian Continental Exploration Corp. (\"CCEC\"). See Conquest News Releases July 16, 2020, August 7, 2020, and August 27, 2020.The gross proceeds of the KL Financing have been deposited in escrow (the \"KL Escrowed Funds\"). The KL Subscription Receipts will automatically convert into KL Units and the KL Es...