02/09/2018 | Press release | Distributed by Public on 02/09/2018 18:31
Vancouver, British Columbia, Canada, Confederation Minerals Ltd. (TSX-V: CFM) ('Confederation' or the 'Company') is pleased to announce a non-brokered private placement of 2,083,333 (the 'Units') at a price of $0.36 per Unit for gross proceeds of up to $750,000. Each Unit will consist of one common share and one share purchase warrant and each warrant will entitle the holder to purchase one further common share in the capital of the Company at a price of $0.55 per share for a period of two years from the closing of the Offering.
The Company may pay a finder's fee on all or a portion of the Offering.
Closing of the Offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, in particular approval of the TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.
The proceeds from the Offering will be used to fund exploration programs on the Company's Newman Todd gold prospect in the Red Lake gold camp and for general working capital and corporate purposes.
On behalf of the Board of Directors,
Confederation Minerals Ltd.
Confederation Minerals Ltd. is a British Columbia based company engaged in the business of acquisition, exploration and development of mineral properties. Its objective is to locate and develop economic precious and base metals properties of merit. Confederation Minerals Ltd. owns 70% of the Newman Todd project in the Red Lake Mining District of Northern Ontario, as well as 100% ownership in another property in the Red Lake Mining District of Ontario.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.