Private Placement and Stock Option Grant
Zanzibar Gold Inc.
5623 145A Street Surrey BC V3S 8E3 Tel 778-891-2701
September 25, 2019
Zanzibar announces $1,000,000 private placement and Stock Option Grant
Zanzibar Gold Inc. (the “Company” or “Zanzibar”) (ZBR – CSE; ZNZBF – OTC Pinks) is pleased to announce a private placement offering for the sale of up to 5,714,286 units (each, a “Unit”) at the issue price of $0.175 per Unit for gross proceeds of up to $1,000,000. Each Unit shall comprise of one common share and one share purchase warrant, where each warrant (a “Warrant”) may be exercised to purchase a further common share at a price of $0.30 for a period of 3 years.
The funds will be used for the Company’s working capital. Finders' fees shall be paid in cash, shares or warrants, or a combination of the foregoing, subject to board approval and in accordance with the policies of the Canadian Securities Exchange.
The completion of the private placement is subject to approval from the Canadian Securities Exchange.
The Company also wishes to announce that it has entered into stock option agreements granting the right and option to purchase 1,700,000 common shares of the Company at $0.175 per common share exercisable in whole or in part on or before five years from September 25, 2019.
On behalf of the Board,
“Abby Farrage”
Abby Farrage President Tel: 1-778-891-2701
This press release contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, are “forward-looking statements.” Forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward looking statements.
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