In the news release, ZEPHYR CLOSES PRIVATE PLACEMENT, issued
05-Dec-2022 by Zephyr Minerals Ltd.
over CNW, we are advised by the company that the 4th paragraph,
first sentence, should read "In connection with the closing, the
Company paid a cash finder's fee of $12,600 and issued 157,000 finder's warrants "
rather than "In connection with the closing, the Company paid a
cash finder's fee of $11,200 and
issued 140,000 finder's warrants " as originally issued
inadvertently. The complete, corrected release follows:
ZEPHYR CLOSES PRIVATE PLACEMENT
Trading Symbol: TSX-V: ZFR
OTC-ZPHYF
Shares Outstanding: 71,086,985
HALIFAX,
NS, Dec. 5, 2022 /CNW/ - Zephyr Minerals
Ltd. (TSXV: ZFR) ("Zephyr" or the "Company") is
pleased to announce that it has closed the recently announced
non-brokered private placement raising $320,000 through the issuance of 4,000,000 units
at a price of $0.08 per unit. Each
Unit consists of one common share and one whole common share
purchase warrant (a "Warrant") of the Company (the "Units"). Each
Warrant will be exercisable to purchase one common share of the
Company for $0.12 for a period of
twelve 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 $0.24 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 evaluate and
pursue mineral opportunities in Zimbabwe, 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
April 6, 2023. 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 $12,600 and issued 157,000
finder's warrants to Leede Jones Gable; and a cash finder's fee of
$560 and issued 7,000 finder's fee
warrants to PI Financial Corp. Each finder's warrant entitles the
holder to acquire one common share of the Company at $0.12 per share at any time on or before
December 5, 2023. 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. is active in mineral exploration in
Colorado, USA and Zimbabwe. In Colorado Zephyr has been focused
on mine permitting activities at its 100% owned Dawson gold property, which is presently in
hiatus pending the collection and submission of additional water
well data and satisfying certain other environmental related
questions. The additional required water wells are still in the
planning stage and will be drilled once available funds are in
hand. Upon collection of the additional data the Company plans to
reapply for a mining permit at Dawson.
In Zimbabwe the Company is
working to build a mineral property portfolio and to this end has
applied for two Exclusive Prospecting Orders covering 124,000
hectares. Zephyr is actively assessing additional mineral
opportunities in Zimbabwe on an
ongoing basis. Zimbabwe boasts
favourable foreign ownership rules for mineral properties as well
as prospective, underexplored Archean greenstone belts.
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. 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.