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Conquest Receives TSXV Approval for Settlement of Debt With Shares
Conquest Receives TSXV Approval for Settlement of Debt With Shares Canada NewsWire...
About this update from Conquest Resources Limited
[{"type":"text","content":"\n\n\n\nConquest Receives TSXV Approval for Settlement of Debt With Shares\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, May 6, 2020\n\n\n\nTORONTO, May 6, 2020 /CNW/ - Conquest Resources Limited (TSX-V: \"CQR\") announces that it has received approval from the TSX Venture Exchange (TSXV) for its previously reported 'shares for debt' arrangement involving settlement of an aggregate indebtedness of $70,314 by the issue of a total of 1,406,286 shares at a deemed issue price of $0.05 per share to Energold Minerals Inc., an affiliate of John  Kearney, a director and Chairman of Conquest, in settlement of advances previously provided for working capital.\nThe shares for debt settlement was approved by the Board of Directors of Conquest on December 30, 2019. The shares have now been issued and the debt extinguished.\nAs a result of this transaction and his participation in the recently completed private placement financing (See News Release issued February 26, 2020 and March 6, 2020) John Kearney now holds, directly and indirectly, 23,512,217 (16.56%) Conquest shares and 1,500,000 warrants to purchase additional Conquest shares.  \nIn  the Corporation's  News Release issued March 6, 2020 it was incorrectly reported that as a result of the issue of shares for debt John Kearney would hold directly and indirectly in excess of 20% of the issued Conquest shares and become a 'control person' as defined by the Exchange policies and it was stated that the TSXV rules required disinterested shareholder approval for the issue of the 1,406,286 shares for debt to Energold Minerals Inc.  The number of shares reported as held, directly and indirectly by John Kearney was not correct and upon this issue of shares he will not hold in excess of 20% of the issued Conquest shares and accordingly disinterested shareholder approval for the issue of the 1,406,286 shares for debt to Energold Minerals Inc. is not required. \nABOUT CONQUEST\nConquest Resources Limited is a mineral exploration company engaged in the exploration of mineral proper...