Business
Zodiac Gold Announces Upsizing of Private Placement
Vancouver, British Columbia--(Newsfile Corp. - June 25, 2024) - Zodiac Gold Inc. (TSXV: ZAU) (" Z...
About this update from Zodiac Gold Inc
[{"type":"text","content":"Zodiac Gold Announces Upsizing of Private PlacementVancouver, British Columbia--(Newsfile Corp. - June 25, 2024) - Zodiac Gold Inc. (TSXV: ZAU) (\"Zodiac Gold\" or the \"Company\"), a West-African gold exploration company, is pleased to announce that it has increased the size of its previously announced offering of units of the Company (the \"Units\") on a non-brokered private placement basis. The Company now expects to complete the Offering for aggregate proceeds of up to C$1.2 million (the \"Offering\"), a 20% increase from the original target of up to C$1.0 million. The Company completed an initial closing of the Offering for gross proceeds of approximately C$302,000 on May 23, 2024 and expects to complete a second closing in the coming days, with additional closings to follow as necessary. Completion of additional closings remains subject to the receipt of all necessary TSXV approvals.Offering TermsIn connection with the Offering, the Company intends to issue up to 1,200,000 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. The 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.‎ 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 finders and up to 7% in finders warrants (the \"Finder Warrants\") of the aggregate number of Units placed by such finders. Each Finder Warrant will entitle the holder thereof to purchase one Unit at the Issue Price and will be exercisable for a period of 24 months from the closing of the Offering. Each Finder Warrant will be comprised of one Common Share and one Warrant.Hold PeriodThe securities issued pursuant to the Offering shall be subject to a four-month plus one day hold period commencing on the day of th...