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Zontail Inc. Announces Non-Brokered Private Placement for up to $1,295,683
Toronto, Ontario--(Newsfile Corp. - February 19, 2020) -   Zonetail Inc. (TSXV: ZONE) ...
About this update from Zonetail, Inc.
[{"type":"text","content":"Zontail Inc. Announces Non-Brokered Private Placement for up to $1,295,683Toronto, Ontario--(Newsfile Corp. - February 19, 2020) -  Zonetail Inc. (TSXV: ZONE) (\"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 units of the Company (the \"Units\") at a price of $0.02 per Unit, with each Unit being comprised of one common share (a \"Share\") and one whole common share purchase warrant (a \"Warrant\"), for aggregate gross proceeds to Zonetail of a minimum of $450,000 (the \"Minimum Proceeds\") and a maximum of $1,295,683 (the \"Maximum Proceeds\"). Each Warrant will entitle its holder to purchase one (1) additional Share of the Company at an exercise price of $0.05, for a period of twelve (12) months from the closing date of the Offering. The Offering is subject to the receipt of all necessary approvals, including the approval of the TSXV, as well as the satisfaction of other customary closing conditions, including achievement of the Minimum Proceeds under the Offering. Assuming the Minimum Proceeds are raised, the Company will issue 22,500,000 Shares and 22,500,000 Warrants. Assuming the Maximum Proceeds are raised, the Company will issue 64,784,130 Shares and 64,784,130 Warrants. 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 Units 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 twelve (12) months from the closing date of the offering with the same expiry provision and the Warrants.The proceeds derived from the sale of the Units will be used for payment of certain expenses of the Company. Please see the Use of Proceeds table below.The Units will be made available for subscription to all existing shareholders of Zonetail who held common shares of Zonetail (the \"Common Shares\") as of February 18, 2020 (the \"Record Date\"), pursuant to the existing security holders prospectus exemption available under Ontario Securities Commission Rule 45-50...