Conquest closes $450,000 first tranche of financing

Executive Summary

• Conquest Resources closed the first tranche of its previously announced non‑brokered private placement, issuing 6 million flow‑through shares at C$0.075 per share for gross proceeds of $450,000.
• Proceeds will be used to fund eligible Canadian exploration expenses related to the Belfast‑Teck Mag project in Ontario, qualifying as flow‑through critical mineral mining expenditures.
• An aggregate finder’s fee of $9,000 (6% of gross proceeds) was paid to an arm’s‑length introducer; the financing remains subject to final TSX Venture Exchange acceptance.

Key Details

• Shares Issued: 6,000,000 flow‑through shares (Canada Income Tax Act definition).
• Price per Share: C$0.075 on a charity flow‑through basis.
• Gross Proceeds: $450,000 CAD.
• Use of Proceeds: Eligible Canadian exploration expenses for the Belfast‑Teck Mag project; also qualifies as eligible Ontario exploration expenditures for qualifying Ontario subscribers.
• Hold Period: Shares subject to a four‑month‑plus‑one‑day hold period from closing date per securities law requirements.
• Finder’s Fee: $9,000 cash paid to an arm’s‑length party (6% of gross proceeds).
• Regulatory Condition: Financing pending final acceptance by the TSX Venture Exchange.

Notable Quotes

(No executive quotes were provided in the release.)