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 statements.
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.
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