Zonte Metals Closes Private Placement
Zonte Metals Closes Private Placement
TSXV: ZON
HALIFAX
,
Feb. 1, 2017
/CNW/ - Zonte Metals Inc (TSXV: ZON) ("Zonte" or the "Company") has closed its previously announced non-brokered private placement
offering of units (the "Offering"). The Company issued 13,500,000 units at a price of
$0.10
per unit for gross proceeds of
$1,350,000
. Each Unit consists of one
common share and one-half (½) of one share purchase warrant, with each whole warrant entitling the holder to acquire one additional common share upon
payment of the exercise price of
$0.18
on or before
July 31
, 2018. The Company intends to use the proceeds of the Offering for working capital purposes.
The Company will also issue 280,250 Finder Warrants and pay cash finders' fees aggregating
$68,635
on the closing of the Offering. Each Finder Warrant entitles
the holder to purchase one common share of the Company at an exercise price of
$0.18
per share at any time prior to
July 31
, 2018.
The securities issued pursuant to the Offering (including the Units and Finder Warrants) are subject to a four-month and one day statutory hold period that will
expire on
June 1, 2017
. Following the closing of the Offering, Zonte will have 40,124,426 shares issued and outstanding.
About Zonte
Zonte Metals Inc. is a junior explorer focused on gold and copper. The Company holds the Wings Point Gold Project which is a drill ready project in
Newfoundland
and
Labrador
and has signed an Option Agreement to acquire 100% of the McConnells Jest project, in the Tintina Gold Belt, located in the
Yukon Territory
, which
is composed of 172 claims totaling approximately 3371 hectares. In addition, the Company and a Colombian partner have an application over open areas sitting
on top of the open pit outline of the Gramalote Deposit in
Colombia
, which is held by AngloGold Ashanti (NYSE: AU) and B2Gold (TSX: BTO) (NYSE: BTG). The
title issuance is being contested by the state governing the application and the Company has started legal action to protect its rights.
Forward-Looking Information
This news release contains forward-looking statements which include statements regarding the Company's future plans, as well as statements regarding financial
and business prospects and the Company's future plans, objectives or economic performance and financial outlooks. The Company believes that the expectations
reflected in this news release are reasonable but actual results may be affected by a variety of variables and may be materially different from the results or events
predicted in the forward-looking statements. Readers are therefore cautioned not to place undue reliance on these forward-looking statements.
In evaluating forward-looking statements readers should consider the risk factors which could cause actual results or events to differ materially from those
indicated by such forward-looking statements. These forward-looking statements are made as of the date hereof, and unless otherwise required by applicable
securities laws, the Company does not intend nor does it undertake any obligation to update or revise any forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE
Zonte Metals Inc.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/February2017/01/c5174.html
%SEDAR: 00029601E
For further information:
Terry Christopher, CEO and President, 902-405-3520, [email protected], www.zontemetals.com
CO: Zonte Metals Inc.
CNW 08:52e 01-FEB-17