Vancouver, British Columbia, Canada, January 6, 2020, Confederation Minerals Ltd. (TSX-V:CFM) (“Confederation” or the “Company”) announces that in accordance with the Company’s Articles, its Board of Directors has authorized the implementation of a share consolidation of the Company's common shares on the basis of two (2) pre consolidation common shares for one (1) post-consolidated common share (the "Consolidation"). The Consolidation will provide the Company with a better capital structure in order to attract financing.
The Consolidation is subject to regulatory approval.
The approximately 18,126,972 common shares of the Company currently outstanding will be reduced to approximately approximately 9,063,486 common shares. No fractional shares will be issued. Any fractional shares resulting from the consolidation of the Common Shares shall be converted such that each fractional Common Share remaining after conversion that is less than one-half of a Common Share be cancelled and each fractional Common Share that is at least one-half of a Common Share be changed to one whole Common Share. The exact number of post-consolidated common shares will vary depending on the treatment of fractional shares which will occur when each shareholder's holdings in the Company are consolidated. Outstanding stock options and warrants would similarly be adjusted by the consolidation ratio.
The Company will not be changing its name and trading symbol in connection with the Consolidation. The Common Shares will continue to be traded on the TSX Venture Exchange under the Company’s current name and under its current stock symbol “CFM” on a postconsolidated basis.
The Company will provide further details of the regulatory approval process in due course. This news release was prepared on behalf of the Board of Directors.
On behalf of the Board of Directors,
Confederation Minerals Ltd.
CEO and Director
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.