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Zephyr closes first tranche private placement
Zephyr closes first tranche private placement Canada NewsWire HALIFAX, May 29, 2...
About this update from Zephyr Minerals Ltd.
[{"type":"text","content":"\n\n\n\nZephyr closes first tranche private placement\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nHALIFAX, May 29, 2017\n\n\n\n\n\nTrading Symbol: TSX-V: ZFR  OTC: ZPHYFShares Outstanding: 37,164,761\n\n\n\nHALIFAX, May 29, 2017 /CNW/ - Zephyr Minerals Ltd. (\"Zephyr\" or the \"Company\") (TSX-V: ZFR) (OTC: ZPHYF), is pleased to announce the closing of a tranche of the previously announced private placement and that it issued 2,130,000 units at a price of $0.28 per unit for aggregate gross proceeds of $594,400. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one common share at an exercise price of $0.42 per common share at any time on or before May 29, 2019. Several additional parties have expressed interest in participating in the private placement and the Company may consider closing a second tranche of up to 1,448,572 Units for additional gross proceeds of up to $405,600.\n\nOakRun Precious Metals Fund Ltd. (\"OakRun\"), subscribed for 1,800,000 units, resulting in an ownership of 11,014,284 shares or 29.6% of the Company. Mr. Scott Rhodenizer is Investment Manager for OakRun, and a Director of Zephyr. Certain additional officers and directors of the Company subscribed for an aggregate of 100,000 units.\n\nAll securities issued in connection with the first tranche of the private placement are subject to a four-month hold period that expires on September 30, 2017. Net proceeds from the funds raised are expected to be used to advance the Dawson Gold Project, and for general working capital purposes. The private placement remains subject to final approval of the TSX Venture Exchange.\n\nAbout Zephyr Minerals Ltd.\n\nZephyr Minerals Ltd. is a gold exploration and development company focused on advancing its flagship Dawson Gold Project in Colorado, USA. After completing a positive PEA, Zephyr is continuing to advance the project though permitting, additional exploration as well as further engineering work with a plan to develop a high grade, low co...