Business
Zephyr Closes Final Tranche of Private Placement
Halifax, Nova Scotia--(Newsfile Corp. - September 11, 2023) -   Zephyr Minerals Ltd. (TSXV:...
About this update from Zephyr Minerals Ltd.
[{"type":"text","content":"Zephyr Closes Final Tranche of Private PlacementHalifax, Nova Scotia--(Newsfile Corp. - September 11, 2023) -  Zephyr Minerals Ltd. (TSXV: ZFR) (\"Zephyr\" or the \"Company\") announces that it has closed the final tranche (the \"Final Tranche\") of its previously announced non-brokered private placement (the \"Private Placement\") through the issuance of 296,000 (the \"Units\") at a price of $0.09 per Unit. In aggregate, the Company issued a total of 4,000,000 Units for gross proceeds of $360,000.Loren Komperdo, President and CEO stated, \"We are pleased to have completed this tranche which fulfills the announced $360,000 capital raise. The company is now in a position to execute on its exploration plans in Zimbabwe, consisting of geophysics and drilling.\"Each Unit consists of one (1) common share (each, a \"Share\") and one (1) transferable Share purchase warrant (each, a \"Warrant\"). Each Warrant entitles the holder thereof to purchase one (1) additional Share of the Company at a price of $0.13 per Share for a period of twelve (12) months. 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 $0.26 for any twenty (20) consecutive trading days. If this occurs, the Company may accelerate the expiry date of the warrants by issuing a news release announcing the reduced Warrant term whereupon the Warrants will expire on the 30th calendar day after the date of such news release.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 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 January 12, 2024.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 favora...