Business
Confederation Minerals Completes Acquisition of South-West Red Lake and Shining Tree Properties and Announces Private Placement
Vancouver, British Columbia, Canada - TheNewswire - May 6, 2020 - Confederation Minerals Ltd. (TSXV:CFM) ("Confederation" or the "Company") is pleased to announ
About this update from Renegade Gold Inc.
[{"type":"text","content":"Vancouver, British Columbia, Canada - TheNewswire - May 6, 2020 - Confederation Minerals Ltd. (TSXV:CFM) (\"Confederation\" or the \"Company\") is pleased to announce that further to its press release of March 2, 2020, the Company has completed the acquisition (the \"Acquisition\") of all of the issued and outstanding shares of Canadian Shield Developments Corp. (\"Canadian Shield\") pursuant to the terms of a share exchange agreement effective March 20, 2020 (the \"Definitive Agreement\") among the Company, Canadian Shield and the shareholders of Canadian Shield. 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\"). Pursuant to the terms of the Definitive Agreement and in consideration of the Acquisition, the Company agreed to issue to the former Canadian Shield shareholders an aggregate of 6,500,000 common shares of the Company (the \"Consideration Shares\") at a deemed price of $0.40 per Consideration Share, on a pro-rata basis, in two tranches as follows: (a) On May 5, 2020 (\"Closing\"), the Company issued the aggregate sum of 3,250,000 common shares to the former 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 of 3,250,000 common shares to the former shareholders of Canadian Shield (the \"Second Tranche\"). The Consideration Shares will be subject to a voluntary hold period of 36 months from the date of issuance and released on a schedule of 10% initial release and 15% releases each six (6) months thereafter. In addition, the Company is pleased to announce that it will conduct a non-brokered private placement (the \"Offering\") of up to 4,400,000 units (the \"Units\") at a price of $0.25 per Unit for gross proceeds of up to $1,100,000. Each Unit will consist of one (1) common share and one-half of one (1/2) transferrable common share purchase warrant (a \"Warrant\"). Each Warrant will entitle the holder to purchase one (1) common share in the capital of the Company (a \"Warrant Share\") at a price of $0.40 per Warrant Share for a period of two (2) years from the clo...