Zephyr Minerals Ltd. (TSX-V: ZFR) has arranged a non-brokered private placement of 575,000 units at a price of $0.32 per unit for gross proceeds of $184,000.
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 $0.42 per common share at any time on or before the 24-month anniversary of the closing of the private placement.
OakRun Precious Metals Fund, Ltd., a Miami, Florida based Cayman Islands domiciled hedge fund, will subscribe for the full 575,000 units, resulting in an ownership of 11,000,000 shares or 31.5% of the outstanding shares. Scott Rhodenizer, a director of Zephyr Minerals, is the Investment Manager for OakRun.
Zephyr Minerals intends to use proceeds to advance the Dawson Gold Project in Colorado, USA, and for general working capital purposes.
The private placement is subject to acceptance by the TSX Venture Exchange.
Zephyr Minerals