Zonte Metals Inc. completes private placement of securities

BEDFORD, NS, Nov. 8, 2011 /CNW/ - Zonte Metals Inc. (the "Corporation", TSXV: ZON) is pleased to announce it has closed its non-brokered private placement of securities previously announced on October 3, 2011, and, in order to satisfy investor demand, increased the size of its private placement and issued additional securities today.

The Corporation issued 756,733 flow-through common shares (the "FT Shares") at a price of $0.30 per FT Share, 1,909,000 units (the "Units") at a price of $0.25 per Unit, and 571,040 Units at a price of $0.25125 per Unit, for total gross proceeds of $847,744 (the "Offering"). Each Unit is comprised of one common share and one half of one common share purchase warrant, with each whole warrant (the "Warrants") entitling the holder thereof to acquire one common share of the Corporation at a price of $0.35 for a period of 24 months following the closing of the Offering. Eligible finder's were entitled to receive a finder's fee equal to 8% of the funds raised by such finder and broker warrants (the "Broker Warrants") equal to 8% of the number of securities sold by such finder. The Corporation issued 192,474 Broker Warrants and paid finders an aggregate of $58,860 in finder's fees on the closing of the Offering. Each Broker Warrant entitles the holder to purchase one common share of the Corporation at an exercise price of $0.33 per share for a period of 18 months following the closing. Both the Warrants and the Broker Warrants are subject to accelerated expiration should the common shares of the Corporation trade at a price of greater than $0.75 per share for at least 20 consecutive trading days.

The Corporation intends to use the proceeds of the Offering for mineral exploration and working capital purposes. The securities issued pursuant to the Offering are subject to a four-month and one day statutory hold period.

About Zonte Metals Inc.

Zonte Metals Inc. is a junior explorer focused on gold. Our model is to find projects with large scale potential and to that end the Corporation is actively reviewing and completing field due diligence on projects in the USA, Africa and South America.

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.

SOURCE ZONTE METALS INC.

For further information:

Terry Christopher
CEO and President
408 - 1550 Bedford Highway,
Bedford, NS, B4A 1E6
Tel: (902) 405-3520
info@zontemetals.com
www.zontemetals.com

Profil de l'entreprise

ZONTE METALS INC.

Renseignements sur cet organisme


FORFAITS PERSONNALISÉS

Jetez un coup d’œil sur nos forfaits personnalisés ou créez le vôtre selon vos besoins de communication particuliers.

Commencez dès aujourd'hui .

ADHÉSION À CNW

Remplissez un formulaire d'adhésion à CNW ou communiquez avec nous au 1-877-269-7890.

RENSEIGNEZ-VOUS SUR LES SERVICES DE CNW

Demandez plus d'informations sur les produits et services de CNW ou communiquez avec nous au 1‑877-269-7890.