Confederation Minerals Limited: Announces Private Placement
Vancouver, August 16, 2016 - Confederation Minerals Ltd. (TSX-V: CFM) ("Confederation" or the "Company") is pleased to announce a non-brokered private placement of 2,000,000 (the "Units") at a price of $0.48 per Unit for gross proceeds of up to $960,000. 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 $0.72 per share for a period of two years from the closing of the Offering. The Company may pay a finder's fee on all or a portion of the Offering.
Closing of the Offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, in particular approval of the TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.
The proceeds from the Offering will be used to fund exploration programs on the Company's Newman Todd gold prospect in the Red Lake gold camp and for general working capital and corporate purposes.
On behalf of the Board of Directors,
"Lawrence Dick"
Lawrence A.Dick, Ph.D., P.Geo
President, CEO, and Director
CORPORATE INQUIRIES
Confederation Minerals Ltd.
Suite 1980, 1075 West Georgia Street
ancouver, B.C.
604.688.9588
lawrence.dick@barongroupintl.com
www.confederationmineralsltd.com$M)
About CFM
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.
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