Zephyr Closes Final Tranche of Private Placement
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Trading Symbol: TSX-V: ZFR OTC-ZPHYF News Release No. 09-23
Shares Outstanding: 75,086,985 September 11, 2023
ZEPHYR CLOSES FINAL TRANCHE OF PRIVATE PLACEMENT
September 11, 2023 HALIFAX, NOVA SCOTIA – Zephyr Minerals Ltd. (TSXV: ZFR)
("Zephyr" or the " Company") announces that it has closed the final tranche (the “Final
Tranche”) of its previously announced non -brokered private placement (the “ Private
Placement”) through the issuance of 296,000 (the “Units”) at a price of $0.09 per Unit. In
aggregate, the Company issued a total of 4,000,000 Units for gross proceeds of $360,000.
Loren Komperdo, President and CEO stated , “We are pleased to have completed this
tranche which fulfills the announced $360,000 capital raise. The company is now in a
position to execute on its exploration plans in Zimbabwe, consisting of geophysics and
drilling.”
Each Unit consists of one (1) common share (each, a “Share”) and one (1) transferable
Share purchase warrant (each, a “Warrant”). Each Warrant entitles the holder thereof to
purchase one (1) additional Share of the Company at a price of $0.13 per Share for a
period of twelve (12) months. 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 $0.26 for any twenty (20) consecutive trading days. If this occurs,
the Company may accelerate the expiry date of the warrants by issuing a news release
announcing the reduced Warrant term whereupon the Warrants will expire on the 30 th
calendar day after the date of such news release.
Net proceeds from the Private Placement will be used for mineral exploration programs in
Zimbabwe (see news release July 26, 2023) and for general corporate purposes.
The Private Placement is subject to certain conditions including, but not limited to, the
receipt of all necessary approvals including the approval and acceptance by the TSX
Venture Exchange. All securities issued under the Private Placement are subject to a
statutory hold period of four (4) months and a day expiring on January 12, 2024.
About Zephyr Minerals Ltd.
Zephyr Minerals Ltd. is conducting ongoing evaluations of gold properties for potential
acquisition and/or joint venture throughout Zimbabwe. The Company is concentrating on
projects with obvious gold potential as demonstrated through active, shallow, small scale
mining operations or previous exploration work and favorable geology. In addition, the
property should be of sufficient areal extent to host a target potential of at least one million
ounces of gold . To this extent, the Company has signed multiple property joint venture
agreements and has applied for two Exclusive Prospecting Orders covering 124,000
hectares. The Company is also actively reviewing lithium opportunities generated through
in house research and property submittals by third parties. Zimbabwe boasts favorable
foreign ownership rules for mineral properties as well as prospective, underexplored
Archean greenstone belts.
In Colorado Zephyr has been focused on mine permitting activities at its 100% owned
Dawson gold property, which is presently in hiatus pending the collection and submission
of additional water well data and satisfying certain other environmental related questions.
The additional required water wells are still in the planning stage and will be drilled once
available funds are in hand. Upon collection of the additional data the Company plans to
reapply for a mining permit at Dawson.
On behalf of the Board of Directors,
Zephyr Minerals Ltd.
David Felderhof, Chief Financial Officer
T: 902 706-0222
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release. The forward-looking statements contained
in this document are based on certain key expectations and assumptions made by the Company . The forward-looking
statements contained in this document are made as of the date hereof and the Company undertakes no obligation to
update publicly or revise any forward-looking statements or information, whether as a result of new information, future
events or otherwise, unless so required by applicable securities laws.