TORONTO, 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.
The 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.
As 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.
In 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.
ABOUT CONQUEST
Conquest Resources Limited is a mineral exploration company
engaged in the exploration of mineral properties in Ontario, where the Company holds three
advanced exploration properties with the potential for the
discovery of extensions of existing gold deposits, the Golden Rose
Property at Emerald Lake, the
Alexander Property at Red Lake and
the Smith Lake Property at Renabie.
Conquest has planned exploration programs at its Golden Rose,
Smith Lake and Alexander properties, including a drilling campaign
of 1,500 metres at Golden Rose to test six prioritized targets
deemed most prospective for the discovery of gold
mineralisation.
Conquest holds a 100% interest in the Golden Rose Property
located at Emerald Lake,
sixty-five kilometres northeast of Sudbury, Ontario where 28 claims plus four
mining leases include the former Golden
Rose Gold Mine.
Conquest holds a 100% interest in the Alexander Property in the
heart of the Red Lake Gold Camp in Ontario, strategically located east of
Evolution Mining's Red Lake mine
complex. The Alexander Property is located within the important
"Mine Trend" regional structure and adjacent to Evolution's
Aviation Zone exploration target area.
Conquest also holds a 100% interest in the Smith Lake Property
which is located within the Missanabie-Goudreau Greenstone Belt in
northern Ontario, between the
former Renabie Mine to the east and the Manitou Gold / Alamos Gold
(Island Mine) land package to the west. The property includes
claims lying to the north, west and south of the former Renabie
gold mine that had reported production of over 1,000,000 ounces of
gold.
After the shares for debt settlement announced today, Conquest
currently has 129,862,967 shares outstanding.
SOURCE Conquest Resources Limited
