Zephyr Closes Second Tranche of Previously Announced Private Placement
Halifax, Nova Scotia--(Newsfile Corp. - August 15, 2023) - Zephyr Minerals Ltd. (TSXV: ZFR) ("Zephyr" or the "Company") announces that it has closed a second tranche (the "Second Tranche") of its previously announced non-brokered private placement (the "Private Placement") through the issuance of 494,000 (the "Units") at a price of
Net proceeds from the Private Placement will be used for mineral exploration programs in Zimbabwe (see news release July 26, 2023) and for general corporate purposes.
The executive chairman and a director of the Company subscribed for an aggregate of 194,000 Units for gross proceeds of
Under the Second Tranche closing, the Company paid a cash finder's fee
The Private Placement 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 issued under the Private Placement are subject to a statutory hold period of four (4) months and a day expiring on December 16, 2023.
About Zephyr Minerals Ltd.
Zephyr Minerals Ltd. is conducting ongoing evaluations of gold properties for potential acquisition and/or joint venture throughout Zimbabwe. The Company is concentrating on projects with obvious gold potential as demonstrated through active, shallow, small scale mining operations or previous exploration work and favorable geology. In addition, the property should be of sufficient areal extent to host a target potential of at least one million ounces of gold. To this extent, the Company has signed multiple property joint venture agreements and has applied for two Exclusive Prospecting Orders covering 124,000 hectares. The Company is also actively reviewing lithium opportunities generated through in house research and property submittals by third parties. Zimbabwe boasts favorable foreign ownership rules for mineral properties as well as prospective, underexplored Archean greenstone belts.
In Colorado Zephyr has been focused on mine permitting activities at its
On behalf of the Board of Directors,
Zephyr Minerals Ltd.
David Felderhof, Chief Financial Officer
david@zephyrminerals.com
T: 902 706-0222
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/177342