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Zephyr closes private placement

 

 

 

 

 

Zephyr Minerals Ltd. (TSX-V: ZFR) (OTC: ZPHYF), is pleased to announce that it has closed the non-brokered private placement announced on March 13, 2018 and has raised $1,503,000 through the issuance of 8,350,000 units at a price of $0.18 per unit. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one common share at an exercise price of $0.30 per common share at any time on or before April 10, 2019.

 

 

The expiry date of the warrants may be accelerated by Zephyr at any time if the volume-weighted average trading price of the common shares is greater than or equal to $0.375 for any 20 consecutive trading days. If this occurs, the Company may accelerate the expiry date of the warrants by issuing a press release announcing the reduced warrant term whereupon the warrants will expire on the 20th calendar day after the date of such press release. 

 

 

Net proceeds from the funds raised will be used to advance the Dawson Gold Project in Colorado, USA, and for general working capital purposes. All securities issued in connection with the private placement, including the shares and warrants comprising the units are subject to a statutory four-month hold period that expires on August 11, 2018. The private placement is subject to acceptance by the TSX Venture Exchange and required regulatory approvals.

 

 

In connection with the closing, the Company paid a cash finder’s fee of $85,270 and issued 473,725 finder’s warrants to Leede Jones Gable Inc.; and a cash finder’s fee of $220 and issued 1,225 finder’s warrants to Canaccord Genuity Corp. Each finder’s warrant entitles the holder to acquire one common share of the Company at $0.30 per share at any time on or before April 10, 2019. The expiry date of the finder’s warrants are also subject to the same acceleration clause as the unit warrants.

 

 

About Zephyr Minerals Ltd.

 

 

 

Zephyr Minerals Ltd. is a gold exploration and development company focused on advancing its flagship Dawson Gold Project in Colorado, USA. After completing a positive PEA, Zephyr is continuing to advance the project though permitting, additional exploration as well as further engineering work. The Company’s objective is to expand resources and obtain a mining permit to support a potential production decision.

 

Posted April 11, 2018

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