Confederation Minerals Limited - Closes Non-Brokered Private Placement
28.10.2016 | The Newswire
Vancouver, October 28, 2016 - Confederation Minerals Ltd. (TSX-V: CFM) ("Confederation" or the "Company") is pleased to announce that it has closed its previously announced non-brokered private placement (the "Financing"). The Financing raised gross proceeds of $960,000 by the issuance of 2,526,315 units (each a "Unit") at a price of $0.38 per Unit. Each Unit consists of one common share and one share purchase warrant (each a "Warrant"), and each Warrant entitles the holder thereof to purchase one additional common share of the Company at a price of $0.56 per share for a period of 24 months from the closing date.In respect of Financing, the Company paid cash finder's fees of $6,084.77 and issued 16,012 finder's warrants (the "Finder's Warrants"). Apart from being non-transferable, the Finder's Warrants are subject to the same terms as the Warrants.
All of the securities issued are subject to a statutory hold period expiring March 1, 2017.
The Company intends to use the net proceeds from the Financing primarily to explore the Newman Todd project and for general working capital purposes.
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.
On behalf of the Board of Directors, Confederation Minerals Ltd.
"Lawrence Dick"
Lawrence A.Dick, Ph.D., P.Geo, President, CEO, and Director
CORPORATE INQUIRIES
Confederation Minerals Ltd.
Suite 1980, 1075 West Georgia Street
Vancouver, B.C.
604.688.9588
lawrence.dick@barongroupintl.com
www.confederationmineralsltd.com
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.
