TransactionsConfederation Minerals Closes $10.7 Million Private Placement FinancingPublished: 03/04/2011 By Chad Accursi, Nancy Choi, Myroslav Chwaluk, Christopher B. Norton On March 3, 2011, Confederation Minerals Ltd. completed a brokered private placement (the "Offering") with a syndicate of underwriters co-led by Cormark Securities Inc. and Fraser Mackenzie Limited and including Casimir Capital Ltd. Upon closing of the Offering, 2,500,000 “flow-through” common shares (“Flow-Through Common Shares”) were issued at a price of $0.80 per share and 12,997,500 units (“Units”) were issued at a price of $0.67 per Unit, with each Unit consisting of one common share (a “Common Share”) and one-half of one common share purchase warrant (each whole warrant, a “Warrant”), for gross proceeds to the Company of $10,708,325. Each Warrant entitles the holder thereof to purchase one Common Share at an exercise price of $1.00 per Common Share until July 3, 2012. A cash commission was paid to the Underwriters. In addition, the Underwriters were issued broker warrants equal to 6% of the number of Units issued pursuant to the Offering. Each broker warrant entitles the holder thereof to purchase one Common Share at an exercise price of $0.67 per Common Share until July 3, 2012. All securities issued in connection with the Offering are subject to a four-month hold period, expiring July 4, 2011. Cassels Brock acted for the underwriters with a team that included Chad Accursi (Securities and Mining), Chris Norton (Tax), Nancy Choi (Securities and Mining) and Myroslav Chwaluk (Securities). Confederation Minerals Ltd. is a company dedicated to the acquisition and development of mineral deposits within North America. |