Vancouver, British Columbia, Canada / TheNewswire / November 2, 2016 - Confederation Minerals Ltd. (TSX-V: CFM) ("Confederation" or the "Company") announces the closing of the shares for debt transaction as announced in the Company's news release dated September 21, 2016. The Company issued 965,981 common shares at a deemed price of $0.36 per share to settle outstanding debts of $346,089. The shares were issued to five creditors.
Included in the totals were shares issued to insiders as follows: Baron Global Financial Canada Ltd., $126,051 for 350,141 shares; Lawrence A. Dick, $50,019 for 138,942 shares; Primarius Capital Corp. (Kenneth Holmes), $50,019 for 138,942 shares.
The shares are subject to a four-month hold period under the policies of the TSX Venture Exchange. These shares cannot be traded before March 2, 2017.
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.
Copyright (c) 2016 TheNewswire - All rights reserved.
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