Conquest Mining Ltd (ASX:CQT) has sweetened its bid for North Queensland Metals Ltd (ASX:NQM) increasing the cash component of its offer by 5 cents.
Conquest’s offer is now half of one of its shares plus 15 cents cash for every North Queensland Metals share held.
The new offer values North Queensland Metals at around $63 million and trumps a bid made by Heemskirk Consolidated on Monday.
Heemskirk is offering 1.2 of its shares for each North Queensland Metals share held for a 60.4% interest in the company.
However, despite recommending Heemskirk’s offer, North Queensland Metals founder Donald Walker has agreed to accept conquests increased offer giving its suitor a 19.9% stake in the company.
Conquest Mining booked a loss for the year to June 30, 2009.
