Zephyr Closes Private Placement
ZEPHYR CLOSES PRIVATE PLACEMENT
Trading Symbol: TSX-V: ZFR OTC-ZPHYF
Shares Outstanding: 71,086,985
HALIFAX, NS
,
Dec. 5, 2022
/CNW/ -
Zephyr Minerals Ltd.
(TSXV: ZFR) ("
Zephyr
" or the
"
Company
") is pleased to announce that it has closed the recently announced non-brokered private
placement raising
$320,000
through the issuance of 4,000,000 units at a price of
$0.08
per unit.
Each Unit consists of one common share and one whole common share purchase warrant (a
"Warrant") of the Company (the "Units"). Each Warrant will be exercisable to purchase one common
share of the Company for
$0.12
for a period of twelve months from the closing date.
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
$0.24
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
30
th
calendar day after the date of such press release.
Net proceeds from the funds raised will be used to evaluate and pursue mineral opportunities in
Zimbabwe
, 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
April 6, 2023
. 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
$11,200
and issued 140,000
finder's warrants to Leede Jones Gable; and a cash finder's fee of
$560
and issued 7,000 finder's
fee warrants to PI Financial Corp. Each finder's warrant entitles the holder to acquire one common
share of the Company at
$0.12
per share at any time on or before
December 5, 2023
. 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 active in mineral exploration in
Colorado, USA
and
Zimbabwe
. 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
.
In
Zimbabwe
the Company is working to build a mineral property portfolio and to this end has
applied for two Exclusive Prospecting Orders covering 124,000 hectares. Zephyr is actively
assessing additional mineral opportunities in
Zimbabwe
on an ongoing basis.
Zimbabwe
boasts
favourable foreign ownership rules for mineral properties as well as prospective, underexplored
Archean greenstone belts.
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.
SOURCE
Zephyr Minerals Ltd.
View original content:
http://www.newswire.ca/en/releases/archive/December2022/05/c0274.html
%SEDAR: 00030509E
For further information:
Loren Komperdo, President & CEO, or Will Felderhof, Executive
Chairman, T: 902 706-0222, [email protected]
CO: Zephyr Minerals Ltd.
CNW 17:50e 05-DEC-22