Conquest Raised $500,000 in Private Placement Financingadmin
Conquest Resources Limited reports that it has received conditional approval from the TSX Venture Exchange of its previously announced non-brokered private placement of 10,000,000 Units at a subscription price of $0.05 per unit for total proceeds of $500,000. Each Unit will be comprised of one flow-through common share and one common share purchase warrant. Each Warrant will entitle the holder to purchase one common share of Conquest at an exercise price of $0.10 per share for five years.
Pursuant to the requirements of the Exchange the placement was closed in escrow on December 31, 2008, pending disinterested shareholder approval of the creation of a new Control Person.
John F. Kearney, the Chairman of the Corporation, subscribed for all of the Units in the placement and accordingly he has become a Control Person within the meaning of the policies of the Exchange. The proceeds of the placement will be used for the exploration of the Company’s project at Red Lake, Ontario.