Zephyr closes private placement
Zephyr closes private placement
Trading Symbol: TSX-V: ZFR OTC: ZPHYF
Shares Outstanding: 46,332,620
HALIFAX
,
April 11, 2018
/CNW/ - Zephyr Minerals Ltd. ("
Zephyr
" or the "
Company
") (TSXV: 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 20
th
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.
To be included in the Zephyr email database for Company updates please contact
, or visit our website
www.zephyrminerals.com
for more information.
CAUTIONARY STATEMENT:
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. This press release contains forward-looking statements. More
particularly, this press release contains statements concerning the use of funds from the private placement.
The forward-looking statements contained in this document are based on certain key expectations and assumptions made by the
Company, including, with respect to the use of funds from the private placement, expectations and assumptions concerning timing of
receipt of required regulatory approvals and third party consents and the satisfaction of other conditions to the completion of the
exploration work on the Dawson Gold Property.
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.
SOURCE
Zephyr Minerals Ltd.
View original content: http://www.newswire.ca/en/releases/archive/April2018/11/c4999.html
%SEDAR: 00030509E
For further information:
David H. Felderhof, Executive VP & Director or Sean Tufford, VP, Corporate Development, Zephyr Minerals Ltd., T:
902 446-4189, F: 866 941-4715
CO: Zephyr Minerals Ltd.
CNW 08:30e 11-APR-18