TSXV: ZON
HALIFAX,
NS, Dec. 15, 2022 /CNW/ - Zonte Metals Inc
(TSXV: ZON) ("Zonte" or the "Company") is pleased to announce a
non-brokered private placement for proceeds of up to $1.04 Million consisting of up to 2,500,000
common share units at a price of $0.10 and 6,320,000 flow through units at a price
of $0.125 (the "Offering"), subject
to TSX Venture Exchange (the "Exchange") approval. Each Unit
will consist of one common share and one share purchase warrant
entitling the holder to acquire one additional common share at a
price of $0.18 for a period of 36
months from the date of issuance. The Company may consider
increasing the size of the Offering depending on demand.
The net proceeds of the financing will be used for working
capital purposes and continued exploration of the Company's
exploration properties.
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 6% of the aggregate gross subscription
proceeds received from the sale of securities; and (ii) Finders'
Warrants equal to 6% of the number of securities sold in the
Offering, each such Finders' Warrant exercisable at any time up to
60 months following its date of issuance to purchase one common
share of the Company at an exercise price of $0.20 per share. All Finders' Fees will be
subject to and in accordance with Exchange and regulatory policies.
The securities issued pursuant to the Offering will be subject to a
four-month and one day statutory hold period.
The closing of the Offering is expected to take place on or
about December 21, 2022 or such other
date(s) as may be determined by the Company.
Certain insiders of the Company may acquire Units in the
Offering valued at up to $200,000.
Any participation by insiders in the Offering would constitute a
"related party transaction" as defined under Multilateral
Instrument 61-101 Protection of Minority Security Holders in
Special Transactions ("MI 61-101"). However, the Company
expects such participation will be exempt from the formal valuation
and minority shareholder approval requirements of MI 61-101 and
intends to rely on the exemptions available under the
instrument.
About Zonte
Zonte Metals Inc. is a junior explorer focused on gold and
copper. The Company owns 100% of the McConnells Jest project, in
the Tintina Gold Belt, located in the Yukon Territory, the Wings Point project in the new Central
Newfoundland Gold Belt, and the Cross Hills IOCG project located in
Newfoundland and Labrador. In Colombia; the company has a 25% carried
interest in Project X where historic drilling intersected
significant gold mineralization and the Company and partner have an
application over open areas sitting on top of the open pit outline
of the Gramalote Deposit in Colombia, which is held by AngloGold Ashanti
(NYSE:AU) and B2Gold (TSX:BTO, NYSE:BTG). The title issuance is
being contested by the state governing the application and the
Company has started legal action to protect its rights.
Forward-Looking Information
This news release contains forward-looking statements which
include statements regarding the Corporation's future plans, as
well as statements regarding financial and business prospects and
the Corporation's future plans, objectives or economic performance
and financial outlooks. The Corporation 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
Corporation 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.
