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
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:
CEO and President
408 - 1550 Bedford Highway,
Bedford, NS, B4A 1E6
Tel: (902) 405-3520