Business
Conquest to Acquire Canadian Continental Assets to Consolidate Temagami Mining Camp
● Private Placement Financing up to $3,000,000 ● Consolidation of Shares - O...
About this update from Conquest Resources Limited
[{"type":"text","content":"Conquest to Acquire Canadian Continental Assets to Consolidate Temagami Mining Camp● Private Placement Financing up to $3,000,000● Consolidation of Shares - One for Two and One half (1:2.5)Toronto, Ontario--(Newsfile Corp. - July 16, 2020) - Conquest Resources Limited (TSXV: CQR) (\"Conquest \" or \"the Company\") is pleased to announce that it has entered into a conditional agreement with Canadian Continental Exploration Corp. (\"CCEC\") to acquire 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. The package consists of almost 10,000 hectares of mining lands highly prospective for precious and base metals and under explored. 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.Conquest has entered into an agreement (the \"Acquisition Agreement\") with Canadian Continental Exploration Corp, subject to TSXV acceptance, to acquire 100% CCEC's assets which include the Teckmag1 and Eaglerock claims, as well as approximately $900,000 in cash and Osisko Metals shares, in return for the issue of 40 million post consolidated shares of Conquest to the shareholders of CCEC. Upon completion of the Acquisition, consolidation, and assuming a financing of $2 million, existing Conquest shareholders will own approximately 50% of the resulting shares in the enlarged company, with CCEC shareholders owning 37% and new investors approximately 13%. Completion of the Acquisition and financing will not result in any Person who was previously not an Insider becoming an Insider of Conquest.Two nominees of CCEC will be invited to join the board of Conquest.Canadian ContinentalCanadian Continental Exploration Corp is a private company with approximately 100 shareholders, of which Inventus Mining Corp, holding 17%, is the largest shareholder. Canadian Continental Exploration Corp is the 100% owner of the TeckMag Project, which consists of 320 contiguous unpatented mining claim cells totaling approximately 6,638.8 ha, located in Afton, Macbeth, Clement and Sholes Townships, approximately 65 km northeast of Sudbury, Ontario. The Canadian Continental claims surro...