HALIFAX, April 5 /CNW/ - Zephyr Minerals Ltd. (TSXV: ZFR.P) ("Zephyr" or
the "Company"), a capital pool corporation, is pleased to announce that
it has completed its initial public offering (the "Offering") of
3,000,000 common shares at a price of $0.10 per common share for gross
proceeds to the Company of $300,000. Macquarie Private Wealth Inc.
acted as lead agent for the Offering. The agents were paid a cash
commission of $30,000 equal to 10% of the gross proceeds and were
granted non-transferable options (the "Agents' Options") to purchase
300,000 common shares of the Company equal to 10% of the number of
common shares sold under the Offering. The Agents' Options are
exercisable for a period of 24 months at a price of $0.10 per common
Zephyr's common shares have been conditionally approved for listing on
the TSX Venture Exchange (the "Exchange"). The Company expects its
common shares will commence trading on the Exchange on April 5, 2011
under the symbol 'ZFR.P'.
The net proceeds of the Offering will be used to identify and evaluate
assets or businesses for acquisition with a view to completing a
"Qualifying Transaction" under the Capital Pool Company Program of the
Exchange as disclosed in the Company's prospectus dated March 18, 2011.
At the closing of the Offering, the Company also granted stock options
to its directors and officers to acquire an aggregate of 1,275,000
common shares at a price of $0.10 per share exercisable until April 4,
Certain information in this press release may contain forward-looking
statements. This information is based on current expectations that are
subject to significant risks and uncertainties that are difficult to
predict. Actual results might differ materially from results suggested
in any forward-looking statements. The Company assumes no obligation to
update the forward-looking statements, or to update the reasons why
actual results could differ from those reflected in the forward looking
statements unless and until required by securities laws applicable to
the Company. Additional information identifying risks and uncertainties
is contained in the Company's filings with the Canadian securities
regulators, which filings are available at www.sedar.com.
The Exchange has not reviewed and does not accept responsibility for the
adequacy or accuracy of this press release.
SOURCE Zephyr Minerals Ltd.
For further information:
David Felderhof, Director, Vice President, Zephyr Minerals Ltd.
T: 902 448-1149 F: 866 941-4715