Tickers: XTSX:CFM
Tags: #Mining
Vancouver, British Columbia, Canada - TheNewswire - February 5, 2020 - Confederation Minerals Ltd. (TSXV:CFM) ("Confederation" or the "Company") is pleased to announce that it has closed its previously announced non-brokered private placement (the "Offering"). The Offering raised gross proceeds of approximately $1,000,000 by the issuance of 8,333,333 units (each a "Unit") at a price of $0.12 per Unit. Each Unit consists of one pre-consolidation common share and one transferrable share purchase warrant (each a "Warrant"). Each Warrant entitles the holder to purchase one pre-consolidation common share in the capital of the Company (each a "Warrant Share") at a price of $0.18 per Warrant Share for a period of five years from the closing of the Offering.
In respect of the Offering, the Company issued 84,583 finder's shares (the "Finder's Shares").
All of the securities issued are subject to a statutory hold period expiring June 6, 2020.
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.
Early Warning Report filed pursuant to National Instrument 62-103 - The Early Warning System and Related-Take-Over Bid and Insider Reporting Issues
Erin Norman (the "Ms. Norman") will file an early warning report as required under applicable Canadian securities laws as a result of Ms. Norman acquiring Units pursuant to the Offering.
Immediately prior to the closing of the Transaction, Ms. Norman beneficially owned nil Common Shares. Following the closing of the Offering, Ms. Norman beneficially owns or otherwise exercises control or direction over 2,500,000 Common Shares of the Company, representing 9.42% of the Common Shares issued and outstanding on an undiluted basis. Assuming full exercise of the Warrants, Ms. Norman will beneficially own or otherwise exercise control or direction over 5,000,000 Common Shares of the Company, representing 17.21% of the Common Shares issued and outstanding, on a partially diluted basis.
The Units are held by Ms. Norman for investment purposes. Ms. Norman's future holdings in securities of the Company may increase or decrease in accordance with applicable securities legislation and in consideration of various factors that he may deem appropriate, including, but not limited to, Ms. Norman's investment criteria, market conditions and as circumstances warrant.
Additional information in respect of the foregoing matters is available in the early warning report that will be filed under the Company's profile on www.sedar.com.
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@confederationmineralsltd.com
www.confederationmineralsltd.com
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.
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