Business
Zonetail Inc. Announces Participation of Insiders In Gypsy Swap Transaction
Toronto, Ontario--(Newsfile Corp. - June 5, 2020) - Zonetail Inc. ( TSXV: ZONE) ("Zonetail...
About this update from Zonetail, Inc.
[{"type":"text","content":"Zonetail Inc. Announces Participation of Insiders In Gypsy Swap TransactionToronto, Ontario--(Newsfile Corp. - June 5, 2020) - Zonetail Inc. (TSXV: ZONE) (\"Zonetail\" or the \"Company\"), is pleased to announce that an officer/director of the Company is selling an aggregate of 1,700,000 common shares of the Company from their personal holdings, for aggregate proceeds of approximately $34,000, with such sale to occur on or about June 5, 2020. In addition, a second unrelated person to the Company may sell up to 2.0 million shares at the same time. The officer/director of the Company is expected to use the proceeds generated from the sale of these shares to subscribe for an aggregate of 1,700,000 newly issued treasury securities of the Company under its previously announced private placement offering of Units. In addition, the unrelated person is expected to subscribe to the private placement. Each Unit consisting of one common share and one whole common share purchase warrant entitling the holder to acquire one additional common share at an exercise price of $0.05 for a period of 12 months following the issue date of such warrants. The initial closing under the Offering occurred on June 3, 2020. See press releases dated February 19, 2020, April 13, 2020, April 29, 2020, May 29, 2020 and June 3, 2020 for full details with respect to the Offering. Such subscription is expected to occur on or prior to June 30, 2020 the final closing of the Offering. All securities issuable pursuant to the Offering, including the Shares, if any, issuable on the exercise of the Warrants 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 a total amount of $1,295,683 under the Offering and hopes to complete the final tranche of the Offering prior to June 30, 2020. As previously disclosed, the initial closing of the Offering for aggregate proceeds of $479,200 was completed by the Company June 3, 2020. 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.About ZonetailZonetail is a mobile platform for hotels and condominiums providing guests and resident...