(TheNewswire)
May 2, 2018 / TheNewswire / Vancouver, British Columbia, Canada, Confederation Minerals Ltd. (TSX-V: CFM) (“Confederation” or the “Company”) announces that the Company intends to settle a total of $200,000 of debt (the “Debt”) with two arm’s length parties (the “Shares for Debt Settlement”). The Company will settle the Debt by issuing 597,014 common shares of the Company at a deemed price of $0.335 per common share.
The Company negotiated the Shares for Debt Settlement in light of the Company’s current working capital position and in order to preserve capital to fund the continued development of the Company’s mineral projects.
All securities issued in connection with the Shares for Debt Settlement 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.
Closing of the Shares for Debt Settlement is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the TSX Venture Exchange.
On behalf of the Board of Directors,
Confederation Minerals Ltd.
“David Velisek”
David Velisek
CEO , President & Director
CORPORATE INQUIRIES
Confederation Minerals Ltd.
Suite 1980, 1075 West Georgia Street
Vancouver, B.C.
604.688.9588
david.velisek@barongroupintl.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. 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.
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