Mr. Lawrence Dick reports
CONFEDERATION MINERALS LTD. CLOSES NON-BROKERED PRIVATE PLACEMENT
Confederation Minerals Ltd.
has closed its previously announced non-brokered private placement. The financing raised gross proceeds of $960,000 by the issuance of 2,526,315 units at a price of 38 cents per unit. Each unit consists of one common share and one share purchase warrant, and each warrant entitles the holder thereof to purchase one additional common share of the company at a price of 56 cents per share for a period of 24 months from the closing date.
In respect of the financing, the company paid cash finders' fees of $6,084.77 and issued 16,012 finders' warrants. Apart from being non-transferable, the finders' 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.
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