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.
COMPANY OVERVIEW
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