Zonte Metals Completes Non-Brokered Private Placement and Options Wings Point Project Claims
Zonte Metals Completes Non-Brokered Private Placement and Options Wings Point
Project Claims
January 24, 2023 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 3,093,000 common share units at a price of
$0.10 and 6,1800,000 flow through units at a price of $0.125 (the “Offering”) for total proceeds
of $1,081,800. Each Unit consists of one common share and one share purchase warrant,
expiring December 20, 2025, entitling the holder to acquire one additional common share at a
price of $0.18. Following completion of the Offering, the Company has 68,557,961 shares
issued and outstanding.
In connection with securities sold pursuant to the Offering, Zonte will pay finders’ fees to
Eligible Finders of $47,400 in cash and will issue 384,000 Finders’ Warrants to Eligible Finders.
Each Finders’ Warrant is exercisable until December 20, 2027, 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 and the securities issued
pursuant to the Offering will be subject to a four-month and one day statutory hold period.
Certain insiders of the Company acquired 1,638,000 Common Share Units in the Offering for
proceeds to the Company of $163,800. Any participation by insiders in the Offering would
constitute a “related party transaction” as defined under Multilateral Instrument 61-101
Protection of Minority Security Holders in Special Transactions (“MI 61-101“). However, the
Company intends to rely on the exemptions available under the instrument and such participation
will be 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.
Zonte is also pleased to announce that it has optioned its Wings Point East to Southern Sky
Resources Corp (“Southern”). Subject to Southern receiving the necessary regulatory approvals
and commencement of trading on a Canadian Stock Exchange prior to June 1, 2023, Southern
can earn a 100% interest in the claims by paying Zonte $100,000 and issuing 750,000 Southern
shares to Zonte over a two-year period. Zonte will retain a 2% NSR on one of the claim blocks.
Southern is in the process of completing a NI-43-101 technical report on the project and will
seek to list on a Canadian stock exchange.
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 Company 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 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
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 otherwise 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