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Conquest Mining Increases Stake in North Queensland Metals

Australian minerals exploration and development company Conquest Mining was able to gain control of 55.79% of North Queensland Metals once its rival Heemskirk Consolidated Ltd let its offer lapse. The Executive Chairman of Conquest Mining, Jake Klein has urged company share holders to accept the off-market takeover made by Conquest Mining.

The major shareholder, founder and director of North Queensland Metals, Donald Walker, has accepted Conquest's for a 21.8% shareholding in North Queensland Metals.

Two of the three directors of North Queensland Metals had rejected Conquest Mining’s bid in preference to the Heemskirk Consolidated bid. That option no longer exists and Jake Klein is looking to consolidate the existing deal. The takeover offer for North Queensland Metal is unconditional as per Conquest Mining and is due to close on October 1, 2010.

In a statement made on Monday Jake Klein said that he welcomed the North Queensland Metals shareholders to the Conquest share register and thanked them for their support of the offer made by Conquest Mining. He also urged those NQM shareholders who had yet to accept the offer to do so as soon as possible.

The offer sees one share of Conquest Mining plus 15 cents being given to NQM shareholders. This will bring an implied value of $68.6 million to the deal. This acquisition is being seen as a key to the company growing into a sustainable and profitable mid tier gold producing company. Conquest Mining had reported a loss in the last six months of 2009.

Joel Scanlon

Written by

Joel Scanlon

Joel, originally from the UK, emigrated to Australia in 1995 and spent 5 years working in the mining industry as an exploration Geo-technician where he developed skills in GIS Mapping and CAD. Joel also spent a year working underground in a gold/copper mine. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm before starting a successful business providing graphic and web design services to local businesses on the eastern seaboard of Australia. Joel is skilled in project management, web programming, design, animation, database and networking, software and editing. Joel has been with AZoNetwork since its inception in 2000.


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