Zonetail Inc. Announces Closing of First Tranche of Non-Brokered Private Placement; Completes Initial Closing for Proceeds of $130,000

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[{"type":"text","content":"Zonetail Inc. Announces Closing of First Tranche of Non-Brokered Private Placement; Completes Initial Closing for Proceeds of $130,000Toronto, Ontario--(Newsfile Corp. - December 29, 2022) - Zonetail Inc. (TSXV: ZONE) (\"Zonetail\" or the \"Company\"), is pleased to announce the closing of the first tranche of its previously announced private placement. The Offering consists of units of the Company (the \"Units\") being issued at a price of $0.04 per Unit, with each Unit being comprised of one common share (a \"Share\") and one (1) common share purchase warrant (a \"Warrant\"). Each whole Warrant will entitle its holder to purchase one (1) additional Share of the Company at an exercise price of $0.06, for a period of thirty six (36) months from the closing date of the Offering.In connection with the initial closing of the Offering, the Company has issued an aggregate of 3,250,000 Units, for gross proceeds of $130,000. 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 approximately $7,800 in aggregate and has issued an aggregate of 195,000 finders warrants of the Company to such eligible finders (\"Finders Warrants\"). Each Finder Warrant entitles the holder to purchase one Share of the Company at an exercise price of $0.06, 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 is seeking to raise up to $500,000 under the Offering (the \"Maximum Proceeds\") and hopes to complete the final tranche of the Offering prior to January 27, 2023. Any such closing will be subject to receipt of all required consents and approvals, including any further approvals of the Exchange. There is no assurance that the final tranche of the Offering will be completed on a timely basis or at all.The proceeds derived from the sale of the Units will be used for general working capital purposes and the integration of the Company's marketplace features and other initiative...

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