Conquest Announces Private Placement Financing

Toronto, Ontario--(Newsfile Corp. - November 30, 2020) - Conquest Resources Limited (TSXV: CQR) announces that it intends to raise up to $700,000 by way of a non-brokered private placement (the "Offering") of up to 3,500,000 flow through shares, at a subscription price of $0.20 per share.

The Offering is expected to close in tranches with the final closing expected on or about December 18, 2020 (unless extended) but may close earlier or later. Closing of the Offering is subject to TSX Venture Exchange ("TSX-V") final acceptance.

The proceeds of the Offering are intended to be used to undertake planned drilling and other exploration programs at the Company's Golden Rose and Belfast Project properties in Ontario.

Insiders of Conquest may purchase up to 20 % ($140,000) in the Offering.

Participation in the Offering by Insiders, who are 'Related Parties' within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions of the Canadian Securities Administrators (the "Instrument") constitutes a 'related party transaction' under the Instrument. However, the transaction is exempt from the formal valuation and minority shareholder approval requirements of the Instrument by virtue of s. 5.5(c) - distribution of securities for cash; and 5.7(b) - fair market value of not more than $2,500,000, respectively.

Existing Securityholder and Retail Investor Exemptions

The Offering is being made pursuant to certain Canadian prospectus exemptions, including the "existing securityholder" exemption and "purchasers advised by investment dealers" exemption, where applicable. Both the "existing securityholder" and "purchasers advised by investment dealers" exemptions are collectively referred to as the "Existing Securityholder and Retail Investor Exemptions".

Existing shareholders of the Company who wish to subscribe for shares pursuant to the Offering, who are eligible to subscribe under the "existing securityholder" exemption, should contact the Company pursuant to the contact information set forth below in order to participate in the Offering.

The Company confirms that there is no material fact or material change related to the Company which has not been generally disclosed.

All shares issued in connection with the Private Placement will be subject to a four month hold period from the date of issuance of such shares.

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

ABOUT CONQUEST

Conquest Resources Limited, incorporated in 1945, is a mineral exploration company that is exploring for gold on mineral properties in Ontario.

Conquest holds a 100% interest in the Golden Rose Project, acquired in December 2017, located at Emerald Lake approximately 65 kilometres northeast of Sudbury, Ontario, which hosts the former Golden Rose Gold Mine and is underlain by highly prospective Abitibi greenstone geology along a strike length of 17) kilometres.

In October 2020, Conquest completed the acquisition of Canadian Continental Exploration Corp. which holds an extensive package of mining claims which surrounds Conquest's Golden Rose Mine Project at Emerald Lake in the Temagami Mining Camp located northeast of Sudbury, Ontario.

In November 2020, Conquest doubled its land holdings in the Temagami Mining Camp through the staking of 588 mining cells, encompassing approximately 93 sq km, centered on Belfast Township, adjacent to the Company's consolidated land packages following the acquisition of Canadian Continental Exploration Corp. Conquest now controls over 220 sq km of underexplored territory, including the past producing Golden Rose Mine at Emerald Lake, in the Temagami Mining Camp.

Conquest also holds a 100% 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 on the important "Mine Trend" regional structure. Conquest's property is almost entirely surrounded by Evolution Mining land holdings.

In addition, Conquest owns a 100% interest in the Smith Lake Gold Property of six patented claims and 181 staked mining claims to the north, west and south of the former Renabie Gold Mine in Rennie Township in northern Ontario, operated by Corona and Barrick that had reported gold production of over 1,000,000 ounces between 1947 and 1991 (Northern Miner March 4, 1991).

FOR FURTHER INFORMATION CONTACT:

general@ConquestResources.com
www.ConquestResources.com

John F. Kearney
Chairman
416-362-6686

Tom Obradovich
President & Chief Executive
416-985-7140

Forward-looking statements. This news release may include certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the completion of the Acquisition and the Consolidation, the release of escrowed funds, future cash on hand, potential mineralization, resources and reserves, exploration results, and future plans and objectives of Conquest, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Conquest's expectations are exploration risks detailed herein and from time to time in the filings made by Conquest with securities regulators. Neither the TSXV nor its Regulation Services Provider (as defined in the policies of TSXV) accepts responsibility for the adequacy or accuracy of this release.

NEWS RELEASE FOR DISSEMINATION IN CANADA ONLY. 
NOT FOR DISTRIBUTION IN UNITED STATES OF AMERICA.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/69133

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