Business
Zimtu Capital Corp. Amends Terms of Private Placement
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION O...
About this update from Zimtu Capital Corp.
[{"type":"text","content":"\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES./\n\n\n\nVANCOUVER, June 17, 2014 /CNW/ - Zimtu Capital Corp. (TSXv: ZC) (FSE: ZCT1) (the \"Company\" or \"Zimtu\") announces that it has revised the terms of the private placement financing (the \"Offering\") it previously announced by News Release dated April 4, 2014.\n\nThe revised terms of the Offering provide for the issuance of up to 2,000,000 units (each, a \"Unit\") at a price of $0.50 per Unit for gross proceeds of up to $1,000,000. Each Unit will consist of one common share of the Company (each, a \"Share\") and one non-transferable common share purchase warrant (each, a \"Warrant\"), with each Warrant entitling the holder to acquire one Share (each, a \"Warrant Share\") at a price of $0.75 per Warrant Share for a period of 24 months from the closing of the Offering but subject to an acceleration clause. \n\nIn addition, the revised terms of the Offering provide that Secutor Capital Management Corporation (\"Secutor\") will not act as agent to the Offering. Although the Offering will be non-brokered, the Company may pay a finder's fees in accordance with the rules and policies of the TSX Venture Exchange (the \"Exchange\"), consisting of: (i) a cash finder's fee equal to up to 8% of the Units and (ii) the issuance of finder's warrants   in an amount equal to up to 8% of the Units. Each finder's warrant shall entitle the holder to acquire one warrant share at a price of $0.50 per warrant share for a period of 24 months from the closing of the Offering.\n\nAll securities issued in the Offering will be subject to a statutory hold period expiring four months and one day after closing of the Offering. Completion of the Offering is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals, including approval of the Exchange. \n\nThe Company intends to use the proceeds from the Offering for prospect generation, company building and general working capital.\n\nNone of the securities sold in connection with the Offering will be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption f...