- Shares in Conquest Resources (CQR) have doubled in price following news of a C$1.3 million strategic investment from Kirkland Lake Gold
- Kirkland was issued 10 million subscription receipts at a price of $0.13 each, the proceeds of which have now been deposited in escrow
- A separate financing was also completed, under which Conquest issued 21,105,266 subscription receipts at $0.12 each and 3,880,004 flow-through subscription receipts at $0.15 each
- The company’s acquisition of Canadian Continental Exploration is also expected to close soon, following a shareholder meeting scheduled for September 23, 2020
- Conquest Resources (CQR) is currently up 100 per cent and is trading at C$0.12 per share
Shares in Conquest Resources (CQR) have doubled in price following news of a C$1.3 million strategic investment from Kirkland Lake Gold.
Under the terms of the financing, the Toronto-based company issued a total of 10 million subscription receipts to Kirkland Lake at a price of $0.13 apiece. Each of these receipts will entitle Kirkland to acquire one unit in Conquest at no further cost.
These units will be comprised of one common share and one quarter of a share purchase warrant. Each whole warrant will be exercisable at a price of $0.18 per share for a period of two years following the completion of Conquest’s previously announced acquisition of Canadian Continental Exploration.
The funds from this financing have been placed into escrow and will convert to units, in conjunction with the release of the proceeds, upon completion of the Canadian Continental Exploration transaction.
John Kearney, Chairman of Conquest Resources, said he is pleased with the strong support for the financing, and welcomed Kirkland Lake as a strategic shareholder.
“We look forward to completing the acquisition of Canadian Continental Exploration Corp., following which the enlarged Conquest will own a unique and very prospective portfolio of exploration properties in some of the most well-known mining camps in Ontario.
“Conquest will be well capitalised with over $5 million in cash and we look forward to beginning our drill program in October,” he added.
Conquest is expected to issue 40,306,667 to Canadian Continental Exploration for the acquisition, which is anticipated to close following a shareholder meeting on September 23, 2020.
In addition to the investment from Kirkland Lake, Conquest undertook a separate financing, under which the company issued 21,105,266 subscription receipts at $0.12 each and 3,880,004 flow-through subscription receipts at $0.15 each, for a total of $3.11 million.
Conquest Resources (CQR) is currently up 100 per cent and is trading at C$0.12 per share at 12:59pm EDT.