Lawrence Dick, the President of Confederation Minerals Ltd. (the "Company"), is pleased to report that the Company has successfully completed its initial public offering of 4,000,000 common shares at $0.25 per share for gross proceeds of $1,000,000 pursuant to a prospectus dated May 16, 2008. Canaccord Capital Corporation. acted as agent for the offering. Canaccord Capital Corporation received a cash commission of $80,000, an administration fee and a corporate finance fee in the aggregate amount of $30,000 and 50,000 common shares (the “Corporate Finance Shares”), as well as 320,000 non-transferable share purchase warrants (the “Agent’s Warrants”) representing 8% of the shares sold under the offering. The Agent’s Warrants are exercisable at $0.25 per share until July 11, 2010.
The Company’s common shares have been approved for listing on the TSX Venture Exchange and commenced trading on July 15, 2008 under the symbol CFM.
The Company has a capitalization of an unlimited number of common shares without par value of which 13,565,001 common shares are issued and outstanding. Of the 13,565,001 common shares which are issued and outstanding, 6,350,001 common shares are subject to a 36 month staged release from escrow. This figure is an increase of 400,000 shares over the amount originally set out in the Company’s Prospectus due to additional requirements of the TSX Venture Exchange.
For further information on the Company, please refer to the Company’s Prospectus dated May 16, 2008 available on SEDAR at www.sedar.com.
For further information, please contact Kenneth Holmes at:
CONFEDERATION MINERALS LTD.
Lawrence Dick, President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.