Conquest Mining Ltd
(ASX:CQT) has announced that it has secured control of gold producer North Queensland Metals
(ASX:NQM), with the offer from rival Heemskirk Consolidated Ltd
(ASX:HSK) lapsing.
The miner says that as of last Friday it had increased its stake in NQM to 55.79 per cent.
Executive Chairman Jake Klein has urged the NQM shareholders who are yet to accept Conquests’ offer to do so.
Adding, that the completion of the acquisition will enable Conquest to grow into a sustainable and profitable mid-tier gold-producer.
Conquests’ takeover offer for NQM is unconditional and due to close on the first of October.
In the last six months of 2009, Conquest Mining reported a loss.
