Zonetail Announces First Closing and Extension of Private Placement of Shares

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[{"type":"text","content":"Zonetail Announces First Closing and Extension of Private Placement of SharesToronto, Ontario--(Newsfile Corp. - June 8, 2023) - Zonetail Inc. (TSXV: ZONE) (OTCQB: ZTLLF) (\"Zonetail\" or the \"Company\") is pleased to announce the closing (the \"Closing\") of the first tranche of non-brokered private placement of up to $1,500,000 in common shares of the Company at a purchase price of $0.02 per Share (the \"Offering\"). The Company closed $132,000 of the Offering. No new insiders were created as a result of the Closing. The Company also wishes to announce the extension to July 8, 2023 of the Offering.The proceeds derived from the Offering will be for the completion of the four major integration projects currently underway as well as general working capital purposes. Assuming aggregate gross proceeds are raised, approximately 13% will be used for Non-Arm's length salaries, 8% for investor relations and 21% for arm's length salaries. A portion of the Offering may be allocated to investors relying on the \"accredited investor\" or other exemptions available to Zonetail under National Instrument 45-106 - Prospectus Exemptions. Certain insiders of Zonetail may participate in the Offering; however, the total participation by insiders is not expected to exceed 25% of the Offering. The Company has also paid eligible finders (\"Finders\"), all of whom are at arm's length to the Company and its insiders within the meaning of Policy 5.1 of the TSX Venture Exchange (the \"Exchange\"), cash compensation as finders fees of $2,820 and has issued an aggregate of 141,000 finders warrants of the Company (\"Finders Warrants\"). Each Finder Warrant entitles the holder to purchase one Share of the Company at an exercise price of $0.05, for a period of thirty-six (36) months from the closing date of the Offering. All securities issuable pursuant to the Offering, including the Finders Warrants and the Shares, if any, issuable on their exercise are subject to a four month and one day hold period from the date of issuance in accordance with applicable Canadian securities laws.The Company also wishes to announce that is has terminated its convertible debenture offering, see press releases dated March 13, 2023 and April 24, 2023.About ZonetailZonetail Inc. (TSXV: ZONE) (OTCQB: ZTLLF) is a mobile platform and market network. Our Mission is to provide a sta...

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