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VANCOUVER, July 24, 2015 /CNW/ - Zimtu Capital Corp. (TSXv: ZC) (FSE: ZCT1) (the "Company" or "Zimtu") announces that it has closed the second and final tranche of its private placement as previously announced June 12, 2015, June 5, 2015 and April 29, 2015 (the "Offering"). In the final tranche of the Offering, the Company issued 238,680 flow-through common shares (the "FT Shares") at a price of $0.265 per FT Share and 529,456 units (each, a "Unit") at a price of $0.255 per Unit for aggregate gross proceeds of $198,261.48. Each Unit consists of one non-flow-through common share (each, a "Share") and one non-transferable share purchase warrant (each, a "Warrant"). Each Warrant is exercisable into a Share (each, a "Warrant Share") at a price of $0.30 per Warrant Share until July 21, 2017. On June 12, 2015, the company closed the first tranche of the Offering for gross proceeds of $300,025. As such, the Company has raised a total of $498,286.48 pursuant to the Offering.
Insiders of the Company participated in the Offering in the aggregate amount of $27,635.88.
The Company did not pay any finder's fees in connection with the second tranche of the Offering.
The securities issued under the Offering are subject to a statutory hold period expiring on November 22, 2015. None of the securities issued in the financing have been registered under the United States Securities Act of 1933, as amended (the "1933 Act"), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of, the securities in any state where such offer, solicitation, or sale would be unlawful.
The Company intends to use the net proceeds of the Offering for exploration and development of resource properties and for working capital.
About Zimtu Capital Corp.
Zimtu Capital Corp. is a public investment issuer that invests in, creates and grows natural resource companies thereby providing a way for shareholders to indirectly participate and profit in the public company building process. The Company also provides mineral property project generation and advisory services helping to connect companies to properties of interest.
Zimtu Capital trades on the TSX Venture Exchange under the symbol "ZC" and the Frankfurt Stock Exchange under the symbol "ZCT1". For more information please visit the corporate website at http://www.zimtu.com.
On Behalf of the Board of Directors
ZIMTU CAPITAL CORP.
President & Director
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 or accuracy of this release.
Disclaimer for Forward-Looking Information
This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events related to the Offering and tax treatment of the FT Shares, including statements regarding the use of proceeds of the Offering. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause the Company's actual results to differ materially from those expressed or implied by the forward-looking statements, including: a downturn in general economic conditions in North America and internationally and other factors beyond the Company's control. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
SOURCE Zimtu Capital Corp.
For further information: David Hodge, President & Director, Phone: 604.681.1568