Confederation Minerals Ltd. Closes Final Tranche of Private Placement
19.01.2011 | Marketwire
VANCOUVER, BRITISH COLUMBIA -- (Marketwire - Jan. 19, 2011) - Confederation Minerals Ltd. (TSX VENTURE: CFM) is pleased to announce that the TSX Venture Exchange has accepted for filing final documentation with respect to the final tranche of its previously announced non-brokered private placement. The final tranche of the financing consists of 9,643,257 units (the "Units") at a price of $0.28 per Unit for gross proceeds of $2,700,120. Each Unit consists of one common share and one share purchase warrant entitling the holder to acquire an additional common share of the Company at any time on or before January 17, 2012 for a price of $0.45. The securities have been issued with a hold period expiring May 18, 2011. The proceeds of the financing will be used for exploration activities.Finder's fees were paid in respect of 8,888,257 of the Units, which consisted of $76,067.84 in cash, 439,392 shares and 1,141,312 warrants. Each warrant entitles the holder to acquire an additional common share of the Company at any time on or before January 17, 2012 for a price of $0.45.
Confederation Minerals is an active junior exploration company with a focus on Potassium and Gold exploration targets.
ON BEHALF OF THE BOARD OF DIRECTORS
Lawrence Dick, President
Forward-Looking Information
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
ConfeContact Information
Confederation Minerals Ltd. - Corporate Inquiries
Lawrence Dick, President
604.688.9588
778.329.9361 (FAX)
lawrence.dick@barongroupintl.com
www.confederationmineralsltd.com