Confederation Minerals Limited - Announces Private Placement
13.01.2020 | The Newswire
Vancouver, January 13, 2020 - Confederation Minerals Ltd. (TSXV:CFM) ("Confederation" or the "Company") is pleased to announce that it will conduct a non-brokered private placement (the "Offering") of 8,333,333 (the "Units") at a price of $0.12 per Unit for gross proceeds of up to $1,000,000. Each Unit will consist of one pre-consolidation common share and one transferrable share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one pre-consolidation common share in the capital of the Company (a "Warrant Share") at a price of $0.18 per Warrant Share for a period of five years from the closing of the Offering.The Company may pay a finder's fee on all or a portion of the Offering within the amount permitted by the policies of the TSX Venture Exchange.
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 Company is proceeding with the share consolidation previously announced on January 6, 2020, and expects to close the Offering before or concurrently with the share consolidation.
The proceeds from the Offering will be used to fund exploration programs on the Company's Newman Todd gold prospect and Leo property in the Red Lake gold camp and for general working capital and corporate purposes.
About CFM
Confederation Minerals Ltd. is a British Columbia based company engaged in the business of acquisition, exploration and development of mineral properties located in the highly prospective Red Lake Mining District of Northern 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.
On behalf of the Board of Directors, Confederation Minerals Ltd.
"David Velisek
David Velisek, CEO & Director
CORPORATE INQUIRIES
Confederation Minerals Ltd.
Suite 2250, 1055 West Hastings Street
Vancouver, B.C.
604.688.9588
david.velisek@barongroupintl.com
www.confederationmineralsltd.com