Conquest closes $415,000 final tranche of financing

Mr. Tom Obradovich reports CONQUEST RESOURCES CLOSES FINAL TRANCHE OF NON-BROKERED PRIVATE PLACEMENT FINANCING UPSIZED FINANCING UP TO $415,000 Conquest Resources Ltd. has closed the final tranche of its previously announced $300,000 non-brokered financing, and, due to a high level of interest, the anticipated size of the financing is being increased to $415,000 by issuing 8.3 million shares at a price of five cents per share for gross proceeds of $415,000. The gross proceeds from the financing will be used for the company's Belfast-Teck Mag project in Ontario and for working capital and general corporate purposes. In connection with the financing, the company has paid an aggregate of $9,000 in cash finders' fees to an arm's-length party, representing 6 per cent of the gross proceeds of the shares that were sold to subscribers introduced by such party Insider participation This private placement by an insider, who is a related party within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions, of the Canadian Securities Administrators, constitutes a related party transaction under the instrument. The transaction is exempt from the formal valuation and minority shareholder approval requirements of the instrument by virtue of Section 5.5(c), distribution of securities for cash, and Section 5.7(b), fair market value of not more than $2.5-million, respectively. The company is relying on the exemptions from the formal valuation requirement under Section 5.5(b) of MI 61-101 and the minority shareholder approval requirement under Section 5.7(a) of MI 61-101 as the fair market value of the shares to be issued to the related party does not exceed 25 per cent of the company's market capitalization. No new control person will be created because of this private placement. The financings are subject to the receipt of all necessary regulatory and other approvals, including, but not limited to, acceptance of the TSX Venture Exchange. There can be no assurance that the financings will be completed, whether in whole or in part, and will be subject to a hold period of four months and one day from the closing date of the flow-through financings in accordance with applicable securities laws. About Conquest Resources Ltd. Conquest Resources, incorporated in 1945, is a mineral exploration company that is exploring for base metals and gold on mineral properties in Ontario. Conquest holds a 100-per-cent interest in the Belfast-Teck Mag project, located in the Temagami mining camp at Emerald Lake, Ontario, which is believed to have exceptional exploration upside for magmatic sulphide deposits (copper/nickel/platinum group elements), VMS (volcanogenic massive sulphide), IOCG (iron oxide copper-gold), an iron-formation-hosted gold and Paleoplacer Gold. The Belfast-Teck Mag project is the company's flagship property, evolved from the Golden Rose project, which was initially acquired in December, 2017, and significantly augmented through the acquisition of Canadian Continental Exploration Corp. (CCEC) in 2020 and subsequent additional claim staking and purchases in its adjacent Belfast copper property and Teck Mag property. Conquest now controls over 300 square kilometres of underexplored territory in the Temagami mining camp, including the past-producing Golden Rose mine at Emerald Lake. Conquest also holds a 100-per-cent interest in the Alexander gold property, located immediately east of the Red Lake and Campbell mines in the heart of the Red Lake gold camp along the important Mine Trend regional structure. Conquest's property is almost entirely surrounded by Evolution Mining landholdings. In addition, the company holds interests in the Smith Lake gold property. We seek Safe Harbor.