Business
Zodiac Gold Announces New $1M Financing, and Amends Previously Announced Debt Settlement
Vancouver, British Columbia--(Newsfile Corp. - February 6, 2025) - Zodiac Gold Inc. (TSXV: ZAU) (...
About this update from Zodiac Gold Inc
[{"type":"text","content":"Zodiac Gold Announces New $1M Financing, and Amends Previously Announced Debt SettlementVancouver, British Columbia--(Newsfile Corp. - February 6, 2025) - Zodiac Gold Inc. (TSXV: ZAU) (\"Zodiac Gold\" or the \"Company\"), a West-African gold exploration company, announces further to the Company's news releases dated November 20, 2024, and January 3, 2025, it has closed its private placement for gross proceeds of approximately C$123,000 with no further tranches closed. The Company will commence a new offering of units for C$0.07 per unit for aggregate gross proceeds of up to C$1,000,000 (the \"New Financing\").In connection with the end of the previous financing and the commencement of the New Financing, the Company also intends to amend the exercise price of the 1,230,000 share purchase warrants issued pursuant to the previous financing from C$0.15 per share to C$0.12 per share. The proposed amendment is subject to the receipt of all necessary approvals from the TSX Venture Exchange (\"TSXV\").New Financing TermsThe New Financing will consist of an offering of units of the Company (the \"Units\"), on a non-brokered private placement basis, for aggregate proceeds of up to C$1,000,000. The Offering is being led by existing shareholders.Pursuant to the New Financing, the Company intends to issue up to 14,285,715 Units at a price of C$0.07 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$0.12 per Warrant Share for a period of 24 months following the closing of the Offering. The Company intends to use the proceeds from the New Financing to fund continued exploration at its flagship Todi Gold Project, Bomi South, and Bong West licences in the Republic of Liberia, West Africa and for working capital purposes.‎ Closing of the New Financing is anticipated to be completed in February 2025 and may occur in tranches. Closing is subject to the receipt of all necessary approvals from the TSXV. Finders FeesSubject to the approval of 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 New Financing from subscribers introduced to the Com...