Zonte Metals Inc (TSXV: ZON) has closed its previously announced non-brokered private placement offering of units. The Company issued 13,500,000 units at a price of $0.10 per unit for gross proceeds of $1,350,000. Each Unit consists of one common share and one-half of one share purchase warrant, with each whole warrant entitling the holder to acquire one additional common share upon payment of the exercise price of $0.18 on or before July 31, 2018. The Company intends to use the proceeds of the Offering for working capital purposes.
The Company will also issue 280,250 Finder Warrants and pay cash finders’ fees aggregating $68,635 on the closing of the Offering. Each Finder Warrant entitles the holder to purchase one common share of the Company at an exercise price of $0.18 per share at any time prior to July 31, 2018.
The securities issued pursuant to the Offering (including the Units and Finder Warrants) are subject to a four-month and one day statutory hold period that will expire on June 1, 2017. Following the closing of the Offering, Zonte will have 40,124,426 shares issued and outstanding.
Zonte Metals Inc. is a junior explorer focused on gold and copper. The Company holds the Wings Point Gold Project which is a drill ready project in Newfoundland and Labrador and has signed an Option Agreement to acquire 100% of the McConnells Jest project, in the Tintina Gold Belt, located in the Yukon Territory, which is composed of 172 claims totaling approximately 3371 hectares. In addition, the Company and a Colombian partner have an application over open areas sitting on top of the open pit outline of the Gramalote Deposit in Colombia, which is held by AngloGold Ashanti (NYSE: AU) and B2Gold (TSX: BTO) (NYSE: BTG). The title issuance is being contested by the state governing the application and the Company has started legal action to protect its rights.
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