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Conquest Receives TSXV Conditional Approval for Acquisition of Canadian Continental; Private Placement Financing up to $3,000,000; Consolidation of Shares - One for Two and One half (1:2.5); Annual and Special Meeting of Shareholders August 31, 2020
Toronto, Ontario--(Newsfile Corp. - August 7, 2020) - Conquest Resources Limited (TSXV: CQR...
About this update from Conquest Resources Limited
[{"type":"text","content":"Conquest Receives TSXV Conditional Approval for Acquisition of Canadian Continental; Private Placement Financing up to $3,000,000; Consolidation of Shares - One for Two and One half (1:2.5); Annual and Special Meeting of Shareholders August 31, 2020Toronto, Ontario--(Newsfile Corp. - August 7, 2020) - Conquest Resources Limited (TSXV: CQR) (\"Conquest \" or \"the Company\") is pleased to report that it has received conditional acceptance from the TSX Venture Exchange (\"TSXV\") for the previously announced acquisition of Canadian Continental Exploration Corp (the \"Acquisition\") and the previously announced private placement financing of up to $ 3 million (the \"Financing\"). See Conquest News Release July 16, 2020.Canadian Continental Exploration Corp. (\"CCEC\") holds an extensive package of mining claims which surrounds Conquests' Golden Rose Mine Project at Emerald Lake in the Temagami mining camp northeast of Sudbury, Ontario, as well as approximately $900,000 in a combination of cash and Osisko Metals shares. The package consists of almost 10,000 hectares of under explored mining lands highly prospective for precious and base metals, which include the Teckmag1 and Eaglerock claims, When combined with the Company's current land holdings, including the past producing Golden Rose Mine, Conquest will control over 130 square kilometers making it the one of the largest land holders in the Temagami Mining Camp.Under the Acquisition Agreement, Conquest will issue 40,306,667 post consolidated shares of Conquest to the shareholders of CCEC, on the basis of one post consolidated share for each share of CCEC held. Conquest will also issue 2,900,000 options, under the Company's Stock Option Plan, exercisable at $0.15 per consolidated share (equivalent to $0.06 per pre-consolidated share) expiring in September 2021, in replacement for existing options currently outstanding in CCEC. Completion of the Acquisition and Financing will not result in any Person who was previously not an Insider becoming an Insider of Conquest.Final acceptance of the Acquisition by the TSXV is subject fulfilling the requirements of the Exchange.Canadian Continental Exploration Corp is a private company with 87 shareholders, of which Inventus Mining Corp, holding 17%, is the largest. Upon completion of the Acquisition, Consolidation, and assuming a financing of...