Business
Zonetail Inc. Announces a Non-Brokered Private Placement for up to $1,500,000
Toronto, Ontario--(Newsfile Corp. - April 19, 2023) - Zonetail Inc. (TSXV: ZONE) (OTCQB: ZTLLF) (...
About this update from Zonetail, Inc.
[{"type":"text","content":"Zonetail Inc. Announces a Non-Brokered Private Placement for up to $1,500,000Toronto, Ontario--(Newsfile Corp. - April 19, 2023) - Zonetail Inc. (TSXV: ZONE) (OTCQB: ZTLLF) (\"Zonetail\" or the \"Company\"), is pleased to announce that it intends to offer for sale, on a non-brokered private placement basis, securities of the Company (the \"Offering\") consisting of shares of the Company at a price of $0.02 per share for aggregate gross proceeds of up to $1,500,000 (\"Maximum Proceeds\"). The Offering is subject to the receipt of all necessary approvals, including the approval of the Toronto Venture Exchange (the \"TSXV\"), as well as the satisfaction of other customary closing conditions. Assuming the Maximum Proceeds are raised, the Company will issue 75,000,000 Shares.In connection with the Offering, the Company may pay finder's fees equal to 6% of the gross proceeds in cash and issue 6% non-transferable warrants (the \"Finder Warrants\") to various registered dealers or finder's, representing up to 6% of the shares sold through such registered dealers or finders in the Offering. Each Finder Warrant will entitle the holder thereof to purchase one (1) Zonetail Share at a price of $0.05 per share for a period of thirty-six (36) months from the closing date of the offering.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 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. All of the securities issuable in connection with the Offering will be subject to a hold period expiring four months and one day after the date of issuance of the securities.The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. ...