Conquest Resources amends private placement terms

Executive Summary

• Conquest Resources Ltd. has amended the terms of its previously announced non-brokered private placement financing, introducing a new hard-dollar component alongside an existing charity flow-through component.
• The amended financing structure includes up to 6 million charity flow-through shares and up to 6 million hard-dollar common shares, with total gross proceeds potentially reaching $750,000.
• Proceeds from the flow-through financing are designated for eligible Canadian exploration expenses related to the Belfast-Teck Mag project, while net proceeds from the hard-dollar financing are for working capital and general corporate purposes.

Key Details

• Financing Structure: The amended financing consists of two distinct tranches:
  • Charity Flow-Through Shares: Up to 6 million shares at a price of 7.5 cents per share, generating gross proceeds of up to $450,000. Arranged with Peartree Securities Inc.
  • Hard-Dollar Shares: Up to 6 million common shares at a price of 5 cents per share, generating gross proceeds of up to $300,000.
• Use of Proceeds:
  • Flow-Through: Funds will be used to incur eligible Canadian exploration expenses qualifying as flow-through critical mineral mining expenditures under the Income Tax Act (Canada) for the Belfast-Teck Mag project in Ontario. These expenditures also qualify as eligible Ontario exploration expenditures for Ontario tax purposes.
  • Hard-Dollar: Net proceeds will be used for working capital and general corporate purposes.
• Regulatory Conditions: The financings are subject to receipt of all necessary regulatory approvals, including acceptance by the TSX Venture Exchange.
• Hold Period: Shares are subject to a statutory hold period of four months and one day from the closing date of the flow-through financings, in accordance with applicable securities laws.
• Completion Risk: There is no assurance that the financings will be completed in whole or in part.

Notable Quotes

• No direct quotes from management were included in the provided text.