Windows don't like spaces. If you have spaces in the file name you must enclose it in ". I had tha same problem and this fixed it:
Target: "C:\Program Files\Conquer 1.0\CHP v0.3 MultiTool\coloader.exe" "C:\Program Files\Conquer 1.0\"
Start in: "C:\Program Files\Conquer 1.0\CHP v0.3\MultiTool"
Target: "C:\Program Files\Conquer 1.0\CHP v0.3 MultiTool\coloader.exe" "C:\Program Files\Conquer 1.0\"
Start in: "C:\Program Files\Conquer 1.0\CHP v0.3\MultiTool"