pcJ News Briefs – Zephyr Minerals Ltd. (TSX-V: ZFR; OTCPK: ZPHYF) has closed a first tranche of previously announced private placement, issuing 2,130,000 units at a price of $0.28 per unit for gross proceeds of $594,400.
OakRun Precious Metals Fund Ltd. subscribed for 1,800,000 units for $504,000, resulting in an ownership of 11,014,284 shares or 29.6% of the company.
Proceeds are expected to be used to advance the Dawson Gold Project, and for general working capital purposes.
News Release
Zephyr closes first tranche private placement
Trading Symbol: TSX-V: ZFR OTC: ZPHYF
Shares Outstanding: 37,164,761
HALIFAX, May 29, 2017 /CNW/ – Zephyr Minerals Ltd. (“Zephyr” or the “Company”) (TSX-V: ZFR) (OTC: ZPHYF), is pleased to announce the closing of a tranche of the previously announced private placement and that it issued 2,130,000 units at a price of $0.28 per unit for aggregate gross proceeds of $594,400. 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 May 29, 2019. Several additional parties have expressed interest in participating in the private placement and the Company may consider closing a second tranche of up to 1,448,572 Units for additional gross proceeds of up to $405,600.
OakRun Precious Metals Fund Ltd. (“OakRun”), subscribed for 1,800,000 units, resulting in an ownership of 11,014,284 shares or 29.6% of the Company. Mr. Scott Rhodenizer is Investment Manager for OakRun, and a Director of Zephyr. Certain additional officers and directors of the Company subscribed for an aggregate of 100,000 units.
All securities issued in connection with the first tranche of the private placement are subject to a four-month hold period that expires on September 30, 2017. Net proceeds from the funds raised are expected to be used to advance the Dawson Gold Project, and for general working capital purposes. The private placement remains subject to final approval of the TSX Venture Exchange.
About Zephyr Minerals Ltd.
Zephyr Minerals Ltd. is a gold exploration and development company focused on advancing its flagship Dawson Gold Project in Colorado, USA. After completing a positive PEA, Zephyr is continuing to advance the project though permitting, additional exploration as well as further engineering work with a plan to develop a high grade, low cost underground gold mine.
To be included in the Zephyr email database for Company updates please contact info@zephyrminerals.com, or visit our website www.zephyrminerals.com for more information.
SOURCE Zephyr Minerals Ltd.
For further information: David H. Felderhof, Executive VP & Director, Or Sean Tufford, VP, Corporate Development, Zephyr Minerals Ltd., T: 902 446-4189, F: 866 941-4715