Business
Confederation Minerals Announces Letter of Intent to Acquire South-West Red Lake and Shining Tree Properties
Vancouver, British Columbia, Canada - TheNewswire - March 2, 2020, Confederation Minerals Ltd. (TSXV:CFM) ("Confederation" or the "Company") is pleased to annou
About this update from Renegade Gold Inc.
[{"type":"text","content":"Vancouver, British Columbia, Canada - TheNewswire - March 2, 2020, Confederation Minerals Ltd. (TSXV:CFM) (\"Confederation\" or the \"Company\") is pleased to announce that it has entered into a letter of intent (the \"Letter of Intent\") effective February 28, 2020, which sets out the basic terms and conditions for the acquisition by the Company of all the issued and outstanding securities of Canadian Shield Developments Corp. (\"Canadian Shield\") in exchange for securities of the Company (the \"Transaction\"). Canadian Shield is a Vancouver-based company, incorporated pursuant to the Business Corporations Act (British Columbia). Canadian Shield controls minerals claims collectively described as the South-West Red Lake Properties and the Shining Tree Property (collectively, the \"Properties\"). Proposed Transaction The Company and Canadian Shield have entered into the Letter of Intent which sets out certain terms and conditions pursuant to which the proposed Transaction will be completed. The terms outlined in the Letter of Intent are non-binding, and the Transaction is subject to the parties successfully entering into a definitive agreement (the \"Definitive Agreement\") on or before March 31, 2020 or such other date as the Company and Canadian Shield may mutually agree. The Letter of Intent also contemplates other material conditions precedent to the closing of the Transaction (the \"Closing\"), including customary due diligence, receipt of all necessary regulatory, corporate and third party approvals, compliance with all applicable regulatory requirements, and all requisite board and shareholder approvals being obtained. In consideration for the Transaction and pursuant to the terms of the Definitive Agreement, the Company will issue, in aggregate, 6,500,000 common shares of Confederation Minerals (the \"Consideration Shares\") to the Canadian Shield Shareholders on a pro-rata basis. The Consideration Shares will be issued in two tranches: (a)upon Closing, the Company will issue the aggregate sum of 3,250,000 common shares to the shareholders of Canadian Shield (the \"First Tranche\"); and (b)nine (9) months following Closing and upon meeting certain conditions, the Company will issue the aggregate sum 3,250,000 common shares to the shareholders of Canadian Shield (the \"Second Tranche\"). For further information about this...