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Zodiac Gold Announces Final Closing of Oversubscribed Non-Brokered Private Placement and Shares for Debt Settlement
Vancouver, British Columbia--(Newsfile Corp. - July 29, 2024) - Zodiac Gold Inc. (TSXV: ZAU)...
About this update from Zodiac Gold Inc
[{"type":"text","content":"\nZodiac Gold Announces Final Closing of Oversubscribed Non-Brokered Private Placement and Shares for Debt SettlementVancouver, British Columbia--(Newsfile Corp. - July 29, 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 third and final tranche of its non-brokered private placement (the \"Offering\"). The Company originally planned to raise gross proceeds of $1,000,000 under the Offering, but due to increased investor demand, the Company subsequently increased the size of the Offering twice and completed it for total gross proceeds of CAD$1,348,647. The Company intends to use the net proceeds to continue exploration and drilling at its flagship Todi Gold Project, and for working capital purposes. The Company is also pleased to announce that, in order to preserve its cash resources, it intends to settle an aggregate of CAD$215,555.50 owing to certain directors, officers and service providers of the Company by issuing a total of 2,155,555 Common Shares to them at a price of CAD$0.10 per share.Closing of OfferingIn the third tranche of the Offering the Company issued 5,403,470 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 third tranche.The Company paid finder's fees to certain finders, consisting of a cash fee of $35,910 and 359,100 finder warrants (the \"Finder Warrants\") pursuant to the third tranche. Each Finder Warrant entitles the holder to acquire one Unit at a price of CAD$0.10 per Unit for a period of 24 months from the date of issuance. Each Unit from the exercise of a Finder Warrant is comprised of one Common Share and one Warrant.All securities issued pursuant to the Offering, 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 issuance. The Offering remains subject to TSXV final approval.The securities described herein have not been, and will not be, registered under...