Conquest Resources Closes Final Tranche of Non-Brokered Private Placement Financing Upsized Financing up to $415,000

Executive Summary

• Conquest Resources closed the final tranche of its previously announced $300,000 non‑brokered financing and increased the total size to $415,000 by issuing 8.3 million shares at $0.05 per share.
• Gross proceeds will be used to fund the Belfast‑Teck Mag Project in Ontario, as well as for working capital and general corporate purposes.
• The private placement involved a related‑party insider transaction exempt from certain valuation and minority‑shareholder approval requirements under MI 61‑101.

Key Details

• Financing Size: Increased from $300,000 to $415,000.
• Shares Issued: 8,300,000 common shares at $0.05 per share.
• Gross Proceeds: $415,000.
• Use of Proceeds: Primarily for the Belfast‑Teck Mag Project in Ontario; remainder for working capital and general corporate purposes.
• Finder’s Fees Paid: $9,000 cash to an arms‑length party (≈6 % of gross proceeds).
• Related‑Party Transaction: Private placement by an insider classified as a “related party” under MI 61‑101; exempt from formal valuation and minority‑shareholder approval because the fair market value does not exceed 25 % of market capitalization.
• Regulatory Conditions: Subject to receipt of all necessary regulatory approvals, including TSX Venture Exchange acceptance; financing subject to a hold period of four months and one day from closing date per securities law requirements.
• No New Control Person: The transaction will not create any new control person for the company.

Notable Quotes

• Tom Obradovich, President & CEO: “The additional capital will accelerate our exploration program at Belfast‑Teck Mag and strengthen our balance sheet as we continue to advance high‑potential base‑metal and gold projects in Ontario.”