Trading Symbol: TSX-V:
ZFR OTC:ZPHYF
Shares Outstanding: 52,845,977
HALIFAX, Feb. 18, 2020 /CNW/ - Zephyr Minerals Ltd.
("Zephyr" or the "Company") (TSXV: ZFR) (OTC: ZPHYF), is pleased to
announce it intends to issue, by way of a non-brokered private
placement, up to 10,000,000 units at a price of $0.21 per unit for gross proceeds of up to
$2,100,000 ("Private Placement").
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 holder to acquire one common share of
the Company for $0.35 for a period of
eighteen months from the closing date.
The expiry date of the warrants may be accelerated by Zephyr at
any time if the volume-weighted average trading price of the common
shares is greater than or equal to $0.70 for any 20 consecutive trading days. If
this occurs, the Company may accelerate the expiry date of the
warrants by issuing a press release announcing the reduced warrant
term whereupon the warrants will expire on the 30th
calendar day after the date of such press release.
Net proceeds from the funds raised will be used to advance the
Dawson-Green Mountain Project in Colorado, USA, and for general working capital
purposes. In connection with the offering, a finder's fee may be
paid consisting of a cash commission equal to 7% of the gross
proceeds raised under the offering and that number of
non-transferable finder's fee warrants as is equal to 7% of the
number of shares. Each finder's fee warrant will be exercisable
into one common share of the Company at $0.35 per share, for a period of eighteen months
from the closing date. The expiry date of the finder's warrants are
also subject to the same acceleration clause as the Unit
warrants.
The Private Placement is scheduled to close on or before
February 25, 2020 and is subject to
certain conditions including, but not limited to, the receipt of
all necessary approvals including the approval and acceptance by
the TSX Venture Exchange. All securities to be issued pursuant to
the Private Placement will be subject to a four month hold
period.
About Zephyr Minerals Ltd.
Zephyr Minerals Ltd. continues to advance its 100% owned high
grade Dawson-Green Mountain Project in Colorado, USA. After expanding is land package
to 1,385 hectares (3,430 acres) the Company plans to explore the
entire 12.2 km (7.5 mi) mineralized trend using the Broken Hill
Type deposit as an exploration model.
To be included in the Zephyr email database for Company updates
please contact info@zephyrminerals.com, or visit our website
www.zephyrminerals.com for more information.
CAUTIONARY STATEMENT:
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-Green Mountain
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.