Zonetail Announces Second Closing of Private Placement of Shares, Payment of Debenture

About this update from Zonetail, Inc.

[{"type":"text","content":"Zonetail Announces Second Closing of Private Placement of Shares, Payment of DebentureToronto, Ontario--(Newsfile Corp. - October 19, 2023) - Zonetail Inc. (TSXV: ZONE) (OTCQB: ZTLLF) (\"Zonetail\" or the \"Company\") is pleased to announce the closing (the \"Closing\") of the second tranche of a non-brokered private placement of up to $1,000,000 in common shares of the Company at a purchase price of $0.02 per Share (the \"Offering\"). The Company closed $120,398 of the Offering, to bring the total closing to $345,398. No new insiders were created as a result of the Closing. Additional tranches are expected to close during the coming weeks.The proceeds derived from the sale of the shares 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 15% will be used for non-arm's length salaries, 2% for investor relations, 18% for technology additions and 14% 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. 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 it has appointed Frontier Flex Marketing (2612130 Ontario Ltd.), part of the Frontier Merchant Capital Group (\"Frontier\"), as a marketing consultant.Frontier is a marketing group with a home office in Toronto, Canada. Frontier will assist the Company by increasing awareness for the Company using a number of market communications initiatives, including through media distribution on national television, radio and multiple on-line channels. Under the terms of the engagement, Frontier has been retained for a 12-month period at $96,000 plus direct expenses, to be paid from general corporate funds.The Company also wishes to announce that it has repaid the balance of its October 16, 20...

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