Zephyr Minerals Ltd. (TSX.V: ZFR) ("Zephyr" or the "Company") is pleased to announce the closing of a tranche of the previously announced private placement and that it issued 661,300 units at a price of $0.32 per unit for aggregate gross proceeds of $211,616. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one common share at an exercise price of $0.38 per common share at any time on or before December 14, 2017. Several additional parties have expressed interest in participating in the private placement and the Company may consider closing a second tranche subject to timing.
Net proceeds from the funds raised will be used to advance the Dawson Gold Project and for general working capital purposes. The private placement remains subject to compliance with the requirements of the TSX Venture Exchange.
In connection with the closing, the Company paid a cash finder's fees of $4,649.12 and issued 15,929 finder's warrants to Lissa Menyhart; and a cash finder's fee of $448 and issued 1,400 finder's warrants to Curtis Gibbons. Each finder's fee warrant entitles the holder to acquire one common share of the Company at $0.38 per share at any time on or before June 14, 2018.
All securities issued in connection with the private placement, including the shares and warrants comprising the units and the finder's warrants, are subject to a four-month hold period that expires on April 15, 2017.
About Zephyr Minerals Ltd.
Zephyr Minerals Ltd. is a gold exploration and development company focused on advancing its flagship intrusion related shear hosted high grade Dawson Gold Project in Colorado, USA. Zephyr is conducting engineering and development studies along with additional exploration with a goal of completing a PEA as part of its efforts to advance the Dawson Project with the ultimate goal of production.
Source: Zephyr Minerals
