Trading Symbol: TSX-V: ZFR OTC:ZPHYF
Shares Outstanding: 47,332,620
HALIFAX, Nov. 2, 2018 /CNW/ - Zephyr Minerals Ltd. ("Zephyr" or the "Company") (TSXV: ZFR) (OTC: ZPHYF), has closed a non-brokered private placement raising $150,000 through the issuance of 1,000,000 units at a price of $0.15 per unit. Each unit consists of one common share and one-half warrant of the Company ("Unit"). Every two one-half common share purchase warrants of the Company entitles the subscriber to acquire one common share of the Company for $0.20 for a period of twelve months from the closing date.
Net proceeds from the funds raised will be used to advance the Dawson Gold Project in Colorado, USA, and for general working capital purposes. All securities issued in connection with the private placement, including the shares and warrants comprising the units are subject to a statutory four-month hold period that expires on March 2, 2019. The private placement remains subject to final acceptance by the TSX Venture Exchange.
In connection with the closing, the Company paid a cash finder's fee of $10,500 and issued 70,000 finder's warrants to Leede Jones Gable Inc. Each finder's warrant entitles the holder to acquire one common share of the Company at $0.20 for a period of twelve months from the closing date.
About Zephyr Minerals Ltd.
Zephyr Minerals Ltd. continues to advance it's 100% owned high grade Dawson Gold Project and Green Mountain Property in Colorado, USA. After completing a positive PEA, Zephyr is continuing with permitting and additional engineering, with a near term focus on exploration and resource expansion.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release contains forward-looking statements. More particularly, this press release contains statements concerning the use of funds from the private placement.
The forward-looking statements contained in this document are based on certain key expectations and assumptions made by the Company, including, with respect to the use of funds from the private placement, expectations and assumptions concerning timing of receipt of required regulatory approvals and third party consents and the satisfaction of other conditions to the completion of the exploration work on the Dawson Gold Property.
The forward-looking statements contained in this document are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
SOURCE Zephyr Minerals Ltd.
For further information: David H. Felderhof, Executive VP & Director, Zephyr Minerals Ltd., T: 902 446-4189, F: 866 941-4715