Business
Zephyr Minerals Ltd. announces private placement and concludes definitive agreement for Qualifying Transaction
Trading Symbol:  ZFR.P: TSX-V        Shares Outstand...
About this update from Zephyr Minerals Ltd.
[{"type":"text","content":"\n\n\n\n\n\nTrading Symbol:  ZFR.P: TSX-V       \nShares Outstanding: 13,024,500   \n\n\nHALIFAX, Aug. 16, 2011 /CNW/ - Zephyr Minerals Ltd. (\"Zephyr\" or the \"Company\") (TSXV: ZFR.P) is pleased to announce that it has signed a definitive\n option agreement for its Qualifying Transaction and has arranged a\n private placement of common shares.\n\n\nQualifying Transaction\n\n\nOn June 8, 2011, Zephyr announced that it entered into a letter of\n intent with SLAM Exploration Ltd. (\"SLAM\") (TSX-V: SXL) (US-OTC: SLMXF) which set out the general terms and\n conditions of the agreement between the Company and SLAM whereby the\n Company would have the option to acquire up to a 70% interest in 12\n contiguous mining claims (\"Keezhik Claims\") situated in the Pickle Lake region, Ontario, Canada.\n\n\nZephyr is pleased to announce that on August 10, 2011, the Company\n entered an arm's length definitive agreement (the \"Definitive Agreement\") with SLAM for the right to earn up to a 70% interest in the Keezhik\n Claims covering approximately 2,704 hectares (the \"Transaction\").\n\n\nThe Transaction is subject to the approval of the TSX Venture Exchange\n (the \"Exchange\") and is intended to constitute Zephyr's Qualifying Transaction, as\n defined under the Exchange Policy 2.4, Capital Pool Companies.\n\n\nUnder the terms of the Definitive Agreement, Zephyr has the exclusive\n right to earn up to a 70% interest in the Keezhik Claims by making cash\n payments, issuing common shares of Zephyr, and conducting work programs\n on the Keezhik Claims over two phases.  In phase one, Zephyr may earn a\n 50% interest in the Keezhik Claims by making cash payments totaling\n $104,500, issuing 594,000 common shares, and completing work programs\n on the Keezhik Claims with a total value of a minimum of $650,000 over\n a three year period.\n\n\nIf Zephyr completes phase one and earns a 50% interest, Zephyr has the\n right to earn a further 20% in the Keezhik Claims by competing phase\n two and making cash payments totaling $121,000, issuing 880,000 common\n shares, and completing work programs on the Keezhik Claims with a total\n value of a minimum of $900,000 over a two year period.\n\n\nZephyr may accelerate the cash payments, delivery of common shares and\n work programs in order to e...