Trading Symbol: TSX-V: ZFR OTC-ZPHYF
Shares Outstanding:
65,068,960
HALIFAX, NS, Aug. 12, 2020
/CNW/ - Zephyr Minerals Ltd. (TSXV: ZFR) ("Zephyr" or
the "Company") announces that the Company has
accelerated the expiry date of the common share purchase warrants
of Zephyr issued on February 20, 2020 (the "Warrants")
in accordance with the terms of the Warrants. Approximately
5.1 million Warrants are currently outstanding and are subject to
the acceleration. If all outstanding Warrants are exercised, gross
proceeds to the Company will total $1,785,000.
Under the terms of the Warrants, the Company is permitted to
accelerate the expiry date if the volume-weighted average trading
price of Zephyr's common shares on the TSX Venture Exchange for any
20 consecutive trading day period is greater than $0.70 (the "Acceleration Event"). Zephyr
is pleased to confirm that an Acceleration Event occurred as of
August 11, 2020. Accordingly,
the Company has chosen to accelerate the expiry date of the
Warrants to September 11, 2020 and this news release
constitutes notice to the Warrant holders of the acceleration under
the terms of the Warrants. Holders may exercise the Warrants
before 5:00 p.m. Halifax Time on September 11, 2020
(the "Expiry Time") by observing the process as set out in
their Warrant certificates. All Warrants remaining unexercised
after the Expiry Time will be cancelled.
About Zephyr Minerals Ltd.
Zephyr Minerals Ltd. continues to advance its 100% owned high
grade Dawson-Green Mountain Project in Colorado, USA. After expanding it's land
package to 1,385 hectares (3,430 acres) the Company now controls a
12.2 km long Dawson-Green Mountain
mineralized trend. The central 3.2 km long El Plomo section is the
focus for potential Broken Hill Type silver-lead-zinc
mineralization and the east and west sections, Dawson and Green
Mountain respectively are being targeted for gold. The Dawson
section is currently host to a high grade inferred gold resource.
The Company believes the combined Dawson and Green Mountain
sections encompassing approximately 9 km of mineralized trend
provide excellent resource expansion potential.
To be included in the Zephyr email database for Company updates
please contact info@zephyrminerals.com.
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. 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.