(via Thenewswire.ca)
Vancouver, British Columbia, Canada, / TheNewswire / September 21, 2016 - Confederation Minerals Ltd. (TSX-V: CFM) ("Confederation" or the "Company") announces that in order to preserve its cash to fund development of the Company's Newman Todd Project, it has entered into agreements ("Settlement Agreements") to issue shares to settle outstanding debt of $347,753 with certain creditors, of which approximately $207,000 is with non-arm's length creditors. The Company intends to issue 965,981 common shares ("Debt Shares") of Confederation to be issued at a deemed price of $0.36 (the "Transaction"). The Transaction is subject to TSX Venture Exchange approval.
The Debt Shares, if issued, will be issued in reliance on certain prospectus and registration exemptions available under applicable securities legislation and will be subject to a hold period of four months and one day in accordance with applicable securities legislation and TSXV requirements.
On behalf of the Board of Directors,
Confederation Minerals Ltd.
"Lawrence Dick"
Lawrence A.Dick, Ph.D.,
P.Geo
President, CEO, and Director
CORPORATE INQUIRIES
Confederation Minerals Ltd.
Suite 1980, 1075 West Georgia Street
Vancouver, B.C.
604.688.9588
lawrence.dick@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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