HALIFAX, May 8, 2014 /CNW/ - Zonte Metals Inc (TSXV: ZON) ("Zonte" or the "Company") announces that it plans to raise
up to $325,000 through a non-brokered private placement that will
include the issue of up to 5,000,000 units (the "Units") at a price of
$0.065 per Unit (the "Offering"), subject to TSX Venture Exchange (the
"Exchange") approval. Each Unit will consist of one common share and
one-half (½) of one share purchase warrant, with each whole warrant
entitling the holder to acquire one additional common share at a price
of $0.10 for a period of 24 months from the date of issuance.
Eligible finders will be entitled to a Finders' Fees in connection with
securities sold pursuant to the Offering of (i) cash in an amount equal
to 8% of the aggregate gross subscription proceeds received from the
sale of securities; and (ii) Finders' Warrants equal to 8% of the
number of securities sold in the Offering, each such Finders' Warrant
exercisable at any time up to 18 months following its date of issuance
to purchase one common share of the Company at an exercise price of
$0.10 per share. All Finders' Fees will be subject to and in
accordance with Exchange and regulatory policies.
The Company intends to use the net proceeds of the Offering for mineral
exploration and working capital purposes. The securities issued
pursuant to the Offering will be subject to a four-month and one day
statutory hold period.
Zonte Metals Inc. is a junior explorer focused on gold and copper.
Zonte's Wings Point Project, located on the island portion of
Newfoundland and Labrador, has been the Company's primary exploration
focus to date and the Company has identified several drill-ready
targets. In Colombia the Company, in collaboration with strategic local
partners, has also applied for three exploration licenses covering
areas believed to be highly prospective, and is continuing with
negotiations and due diligence on several other projects and
opportunities in Colombia.
This news release contains forward-looking statements which include
statements regarding the Company's future plans, as well as statements
regarding financial and business prospects and the Company's future
plans, objectives or economic performance and financial outlooks. The
Company believes that the expectations reflected in this news release
are reasonable but actual results may be affected by a variety of
variables and may be materially different from the results or events
predicted in the forward-looking statements. Readers are therefore
cautioned not to place undue reliance on these forward-looking
In evaluating forward-looking statements readers should consider the
risk factors which could cause actual results or events to differ
materially from those indicated by such forward-looking statements.
These forward-looking statements are made as of the date hereof, and
unless otherwise required by applicable securities laws, the Company
does not intend nor does it undertake any obligation to update or
revise any forward-looking statements.
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:
CEO and President