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Zodiac Gold Announces Insider-Led Private Placement for up to C$1 Million
Toronto, Ontario--(Newsfile Corp. - May 6, 2024) - Zodiac Gold Inc. (TSXV: ZAU) (" Zodiac Gold " ...
About this update from Zodiac Gold Inc
[{"type":"text","content":"Zodiac Gold Announces Insider-Led Private Placement for up to C$1 MillionToronto, Ontario--(Newsfile Corp. - May 6, 2024) - Zodiac Gold Inc. (TSXV: ZAU) (\"Zodiac Gold\" or the \"Company\"), a West-African gold exploration company, is pleased to announce an offering of units of the Company (the \"Units\"), on a non-brokered private placement basis, for aggregate proceeds of up to C$1.0 million (the \"Offering\"). The Offering is being led by insiders and existing shareholders of the Company, who are expected to subscribe for approximately C$500,000 (50%) of the total funds raised. Offering TermsIn connection with the Offering, the Company intends to issue up to 10,000,000 Units at a price of C$0.10 per Unit (the \"Issue Price\"). Each Unit will consist of one common share of the Company (a \"Common Share\") and one Common Share purchase warrant (a \"Warrant\"). Each Warrant will entitle the holder to purchase one Common Share (a \"Warrant Share\") at an exercise price of C$0.20 per Warrant Share for a period of 24 months following the closing of the Offering. Exploration ProgramThe Company intends to use the 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.‎ The Company intends to focus its 2024 exploration program on its Alasala and Arthington targets. Both targets are high priority targets for further exploration and target refinement following the successful Phase I and Phase II drill programs completed in July 2022 and April 2024, respectively. Drilling highlights from the Alasala Target to date include: 19.6m at 6.17 g/t Au, 6.0m at 7.69 g/t Au, 9.0m at 4.45 g/t Au Drilling highlights from the Arthington Target to date include:9.65m at 7.5g/t Au 6.0m at 10.6 g/t Au25.90m at 2.10g/t Au 5.65m at 4.67 g/t AuThe Company intersected gold mineralization in all the Phase II drill holes reported to date. For further details regarding the Phase II results please refer to the Company's press releases dated February 28, 2024, April 9, 2024, and April 30, 2024. FindersSubject to the approval of the TSX Venture Exchange (the \"TSXV\"), the Company may pay finders' fees to certain eligible finders of up to 7% in cash of the gross proceeds raised in the Offering from subscribers introduced to the Company by such...