Vancouver, B.C., June 26, 2013, Confederation Minerals Ltd. (TSX.V: CFM; OTCQX: CNRMF) is pleased to announce that it has closed its previously announced brokered private placement (the “Financing”) raising gross proceeds of $1,000,000 by the issuance of 10,000,000 units (each a “Unit”) at a price of $0.10 per Unit.
Each Unit consists of one (1) common share and one (1) common share purchase warrant (each a “Warrant”). Each Warrant entitles the holder thereof to purchase one additional common share of the Company at a price of $0.15 per share for a period of twelve (12) months from the closing date of the Financing.
All securities issued in this Financing are subject to a statutory hold period expiring on October 27, 2013. The Company has agreed to pay a finder’s fee of $54,000 cash and 540,000 Warrants in connection with the Financing.
The proceeds from the Offering will be used to fund exploration programs on the Company's Newman Todd gold prospect in the Red Lake gold camp and for general working capital and corporate purposes.
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. holds an Option Agreement to acquire up to 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.
On Behalf of the Board:
Brian Bapty, Ph.D.
President and Director
Confederation Minerals Ltd.
Suite 1980, 1075 West Georgia Street
Brian Bapty, President and Director
Neither the 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.