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Zenyatta Announces Closing of Flow-Through Financing

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Zenyatta Announces Closing of Flow-Through Financing

 

 

 

 

 

Zenyatta Ventures Ltd. (TSXV: ZEN) is pleased to announce closing of its previously announced private placement of flow-through common shares of the Company. The Company raised $3,000,000 in respect of the Offering, which will be used to fund bulk sampling, environmental assessment and community engagement work on the Company’s Albany Graphite Project.

 

The Offering consisted of the issuance of 7,500,000 flow-through common shares at a price of $0.40 per flow-through common share, for aggregate gross proceeds of $3,000,000. Finders fees in an aggregate amount of $141,300 were paid by the Company in connection to the Offering.

 

Certain insiders of the Issuer participated in the Offering. Such participation represents a related-party transaction under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions, but the transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the subject matter of the transaction, nor the consideration paid, exceed 25% of the Issuer’s market capitalization. The Offering was approved by all of the independent directors of the Company.

 

The flow-through common shares issued in connection with the Offering will be subject to a hold period until April 22, 2019 in accordance with applicable securities laws.

 

Posted December 21, 2018

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