(via Thenewswire.ca)
Vancouver, British Columbia, Canada / TheNewswire / June 24, 2016 - Confederation Minerals Ltd. (TSX-V: CFM) ("Confederation" or the "Company") announces that its Board of Directors have resolved to proceed with a consolidation of the Company's issued and outstanding common shares on the basis of ten (10) 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 Company currently has 68,778,532 issued and outstanding common shares and the Company will have approximately 6,877,853 common shares issued and outstanding post-consolidation. 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 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.
"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$M)
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.
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