Staff Reporter
Conquest Resources Limited has sold its indirectly-held gold properties and assets in Zimbabwe to Mayfair Mining & Minerals, Inc., a Nevada corporation with a head office in West Sussex, United Kingdom, an announcement said.
The sale was effected by the transfer of 100 percent of the issued shares of two wholly-owned subsidiaries of Conquest, African Gold B.V. ("African Gold"), a Netherlands company, and Baobab Minerals Limited ("Baobab"), a British Columbia company.
African Gold and Baobab directly or indirectly hold Conquest's Zimbabwe gold projects which have been inactive since 2003.
The consideration for these assets was 20 million fully paid common shares in the capital of Mayfair having a contractual value of US$2 million and representing approximately 36,4 percent of Mayfair's current issued capital.
Mayfair has covenanted in the purchase and sale agreement to obtain a listing of its shares on a recognized stock exchange or automated quotation system in Canada, the United Kingdom or the United States and to raise a minimum of CAN$500?000 within six months of closing.
Commenting on the transaction, Conquest's president and chief executive, Terence McKillen, said: "We are pleased that Mayfair will be reactivating these non-core assets and believe that Mayfair's management team has the vision and the expertise to develop these and other gold assets in Zimbabwe which will maximise the return to Conquest in due course. Conquest will continue to focus exclusively on gold exploration in Canada but is retaining its interest in Africa through its equity participation in Mayfair."
Conquest is conducting ongoing exploration activities at Smith Lake, Ontario and at the Alexander Gold Project in the heart of the Red Lake Gold Camp, Ontario. Conquest is also exploring for structurally-hosted gold mineralisation under a joint-venture agreement with Detour Gold Corporation ("Detour Gold") at the Sunday Lake property located along the Sunday Lake Deformation Zone approximately seven kilometres east of Detour Gold's 14,9 million ounce proposed open pit gold mine. Conquest holds 75?000 shares of Detour Gold.
There are currently 95 477 728 shares of Conquest issued and outstanding.
(COMPANIES)
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