Zonte Metals Completes Non-Brokered Private Placement
Zonte Metals Completes Non-Brokered Private Placement
January 2, 2024 TSXV: ZON
Zonte Metals Inc (TSXV: ZON) (“Zonte” or the “Company”) is pleased to announce that it has
completed its previously announced non-brokered private placement and, subject to TSX Venture
Exchange (the “Exchange”) approval, has issued 250,000 Common Share Units at a price of
$0.065 and 2,395,000 Flow-through Share U nits at a price of $0. 08 (the “Offering”) for total
proceeds of $207,850. Each Unit consists of one common share and one share purchase warrant,
expiring December 27, 2025, entitling the holder to acquire one additional common share at a price
of $0.14. Following completion of the Offering, the Company has 72,224,961 shares issued and
outstanding.
In connection with securities sold pursuant to the Offering, Zonte will pay aggregate finders’ fees
of $12,740 in cash and will issue 159,250 Finders’ Warrants to two Eligible Finders, both of whom
are at arm’s length to the Company. Each Finders’ Warrant is exercisable until June 27, 2025, to
purchase one common share of the Company at a price of $0.20 per share, subject to Exchange
Approval. All Finders’ Fees are subject to and in accordance with Exchange and regulatory
policies.
All securities issued pursuant to the Offering will be subject to a four-month and one day statutory
hold period.
Certain insiders of the Company (two individuals) acquired 150,000 Common Share Units and
120,000 Flow-through Share Units in the Offering for combined proceeds to the Company of
$19,350, representing 9.3% of the Total Proceeds . Participation by insiders in the Offering
constituted a “related party transaction” as defined under Multilateral Instrument 61 -101
Protection of Minority Security Holders in Special Transactions (“MI 61 -101“). However, as
insider participation represented less than 25% of the proceeds of the Offering, the Company relied
on the exemptions ava ilable under the instrument and such participation was exempt from the
formal valuation and minority shareholder approval requirements of MI 61-101.
The Company intends to use the net proceeds of the Offering for working capital purposes and
exploration at the Cross Hills Iron Oxide Copper Gold Property, in Newfoundland and Labrador.
About Zonte
Zonte Metals Inc. is a junior explorer focused on gold and copper. The Company owns 100% of
the MJ project, in the Tintina Gold Belt, located in the Yukon Territory, the Wings Point project
in the new Central Newfoundland Gold Belt, and the Cross Hills IOCG project located in
Newfoundland and Labrador. In Colombia; the company has a 25% carried interest in Project X
where historic drilling intersected significant gold mineralization and the C ompany and 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 st ate 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
Corporation’s future plans, as well as statements regarding financial and business prospects and
the Corporation’s future plans, objectives or economic performance and financial outlooks. The
Corporation 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 otherwis e required by applicable securities
laws, the Corporation 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 of accuracy of this release.
For further information contact:
Terry Christopher
CEO and President
902-405-3520
www.zontemetals.com