Zephyr Closes Private Placement
Zephyr Closes Private Placement
Trading Symbol: TSX-V: ZFR OTC:ZPHYF
Shares Outstanding: 62,845,977
HALIFAX
,
Feb. 21, 2020
/CNW/ - Zephyr Minerals Ltd. ("
Zephyr
" or the "
Company
") (TSXV: ZFR)
(OTC: ZPHYF), is pleased to announce that it has closed the recently announced non-brokered
private placement raising
$2,100,000
through the issuance of 10,000,000 units at a price of
$0.21
per unit. Each unit consists of one common share and one-half warrant of the Company ("Unit").
Each whole warrant of the Company entitles the holder to acquire one common share of the
Company for
$0.35
for a period of eighteen 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
$0.70
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 advance the Dawson-Green Mountain 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
June 21, 2020
. 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
$56,940
and issued 271,145
finder's warrants to Leede Jones Gable Inc.; a cash finder's fee of
$25,284
and issued 120,400
finder's warrants to PI Financial Corp.; a cash finder's fee of
$10,143
and issued 48,300 finder's
warrants to Canaccord Genuity Corp,; a cash finder's of
$9,408
and issued 44,800 finder's warrants
to Haywood Securities Inc.; a cash finder's fee of
$7,350
and issued 35,000 finder's warrants to
Raymond James Ltd.; a cash finder's fee of
$4,410
and issued 21,000 finder's warrants to Acumen
Capital Partners Ltd.; and a cash finder's fee of
$2,205
and 10,500 finder's warrants to Echelon
Wealth Partners Inc. Each finder's warrant entitles the holder to acquire one common share of the
Company at
$0.35
per share at any time on or before
August 20, 2021
. 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. continues to advance its 100% owned high grade Dawson-Green Mountain
Project in
Colorado, USA
. After expanding is land package to 1,385 hectares (3,430 acres) the
Company plans to explore the entire 12.2 km (7.5 mi) mineralized trend using the Broken Hill Type
deposit as an exploration model.
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-Green Mountain 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/February2020/21/c9059.html
%SEDAR: 00030509E
For further information:
David H. Felderhof, Executive VP & Director, Zephyr Minerals Ltd., T: 902
446-4189, F: 866 941-4715
CO: Zephyr Minerals Ltd.
CNW 11:11e 21-FEB-20