Zonetail Inc. Announces Final Closing of Private Placement of Shares

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[{"type":"text","content":"Zonetail Inc. Announces Final Closing of Private Placement of SharesToronto, Ontario--(Newsfile Corp. - December 29, 2023) - Zonetail Inc. (TSXV: ZONE) (OTC Pink: ZTLLF) (\"Zonetail\" or the \"Company\"), wishes to announce the completion of its previously announced 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 an additional $50,000 of the Offering, to bring the total closing to $445,398. No new insiders were created because of the Closing.Mark Holmes, CEO of the Company participated in this closing by acquiring an aggregate of 500,000 common shares for aggregate proceeds of $10,000, bringing his total participation in the Offering to 2 million common shares. Each of the insiders is considered a \"related party\" and an \"insider\" of the Company for the purposes of applicable securities laws and stock exchange rules. The subscription and issuance of common shares to each of the insiders constitute a related party transaction, but is exempt from the formal valuation and minority approval requirements of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\") as (i) the Company's securities are not listed on any stock exchange identified in Section 5.7(b) of MI 61-101; (ii) neither the fair market value of the common shares to be distributed in the Offering nor the consideration to be received by the Company for the common shares, insofar as insider participation is concerned, exceeds $2,500,000; and (iii) the Company has received the approval of the Offering from at least two-thirds of its independent directors in respect of the Offering.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 current...

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