Business
Zodiac Gold Announces Closing of Second Tranche of Non-Brokered Private Placement and Further Upsizing of Private Placement
Vancouver, British Columbia--(Newsfile Corp. - July 8, 2024) - Zodiac Gold Inc. (TSXV: ZAU) (" Zo...
About this update from Zodiac Gold Inc
[{"type":"text","content":"\nZodiac Gold Announces Closing of Second Tranche of Non-Brokered Private Placement and Further Upsizing of Private PlacementVancouver, British Columbia--(Newsfile Corp. - July 8, 2024) - Zodiac Gold Inc. (TSXV: ZAU) (\"Zodiac Gold\" or the \"Company\"), a West-African gold exploration company, is pleased to announce that it has closed the second tranche of its private placement (the \"Offering\") for gross proceeds of approximately CAD$506,560.00 (the \"Second Tranche\"), as previously announced on May 6, May 23, and June 25, 2024. The Company intends to use the net proceeds from the Offering to continue exploration and drilling at its flagship Todi Gold Project in the Republic of Liberia, West Africa and for working capital purposes.In the Second Tranche the Company issued 5,065,600 units of the Company (the \"Units\") at a price of CAD$0.10 per Unit. Each Unit consists of one common share of the Company (a \"Common Share\") and one common share purchase warrant (a \"Warrant\"). Each Warrant entitles the holder thereof to acquire one Common Share (a \"Warrant Share\") at a price of CAD$0.20 per Warrant Share for a period of 24 months following the closing date of the Second Tranche.The Company paid finder's fees to certain finders, consisting of a cash fee of $17,150 and 171,500 finder warrants (the \"Finder Warrants\") pursuant to the Second Tranche. Each Finder Warrant entitles the holder to acquire one Unit at a price of CAD$0.10 per share for a period of 24 months from the date of issuance. Each Finder Warrant is comprised of one Common Share and one Warrant.Due to increased demand, the Company has further increased the size of the Offering from CAD$1.2 million to CAD$1.4 million, which is subject to TSXV approval. The Company expects to close on the balance of the Offering on or before July 15, 2024. All securities issued pursuant to the Second Tranche, including Common Shares issuable upon the exercise of Warrants, are and will be subject to a hold period of four months and one day after the date of closing of the Second Tranche. The Offering remains subject to TSXV final approval.The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the \"U.S. Securities Act\"), or any state securities laws, and accordingly, may not be offered or sold withi...