Trading Symbol: TSX-V: ZFR OTC:ZPHYF
Shares Outstanding: 62,845,977
HALIFAX, Feb. 21, 2020 /CNW/ - Zephyr Minerals Ltd.
("Zephyr" or the "Company") (TSXV: ZFR) (OTC: ZPHYF),
is pleased to announce that it has closed the recently announced
non-brokered private placement raising $2,100,000 through the issuance of 10,000,000
units at a price of $0.21 per unit.
Each unit consists of one common share and one-half warrant of the
Company ("Unit"). Each whole warrant 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. 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
June 21, 2020. The private placement
is subject to acceptance by the TSX Venture Exchange and required
regulatory approvals.
In connection with the closing, the Company paid a cash finder's
fee of $56,940 and issued 271,145
finder's warrants to Leede Jones Gable Inc.; a cash finder's fee of
$25,284 and issued 120,400 finder's
warrants to PI Financial Corp.; a cash finder's fee of $10,143 and issued 48,300 finder's warrants to
Canaccord Genuity Corp,; a cash finder's of $9,408 and issued 44,800 finder's warrants to
Haywood Securities Inc.; a cash finder's fee of $7,350 and issued 35,000 finder's warrants to
Raymond James Ltd.; a cash finder's fee of $4,410 and issued 21,000 finder's warrants to
Acumen Capital Partners Ltd.; and a cash finder's fee of
$2,205 and 10,500 finder's warrants
to Echelon Wealth Partners Inc. Each finder's warrant entitles the
holder to acquire one common share of the Company at $0.35 per share at any time on or before
August 20, 2021. The expiry date of
the finder's warrants are also subject to the same acceleration
clause as the Unit warrants.
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.