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Zonte Metals Closes Initial Tranche of Private Placement and Completes Acquisition of Wings Point Gold Project
HALIFAX , July 9, 2014 /CNW/ - Zonte Metals Inc (TSXV: ZON) ("Zonte" or the "Company")...
About this update from Zonte Metals Inc.
[{"type":"text","content":"\n\n\nHALIFAX, July 9, 2014 /CNW/ - Zonte Metals Inc (TSXV: ZON) (\"Zonte\" or the \"Company\") is pleased to announce that it\n has closed the initial tranche of the Private Placement announced on\n May 8, 2014 (the \"Offering\") and has also reached an amended agreement\n to acquire a 100% interest in the Company's Wings Point Gold Project.\n\n\nThe Company will issue 3,172,538 units (the \"Units\") at a price of\n $0.065 per Unit for total gross proceeds of $206,215 upon closing of\n the initial tranche of the Offering. Each Unit is comprised of one\n common share and one half of one common share purchase warrant, with\n each whole warrant (the \"Warrants\") entitling the holder thereof to\n acquire one common share of the Company at a price of $0.10 at any time\n prior to July 9, 2016. The Company will issue 24,320 Broker Warrants\n and pay cash finders' fees aggregating $1,581 on the closing of the\n initial tranche of the Offering.  Each Broker Warrant entitles the\n holder to purchase one common share of the Corporation at an exercise\n price of $0.10 per share at any time prior to January 9, 2016.  Several\n additional parties have expressed interest in participating in the\n Private Placement and the Company may consider closing a second tranche\n of up to 1,827,462 Units for additional gross proceeds of up to\n $118,785 subject to timing and demand.\n\n\nThe Company intends to use the proceeds of the Offering for mineral\n exploration and working capital purposes.\n\n\nThe Company also announces that it has re-negotiated the terms of the\n Wings Point Option Agreement and subject to regulatory and exchange\n approval will acquire a 100% interest in the Wings Point Gold Project\n through the issuance to the vendors of 1,000,000 common shares of the\n Company. The acquisition of a 100% interest in the Project provides the\n Company with greater flexibility on the timing of additional\n exploration going forward.\n\n\nThe securities issued pursuant to the Offering (including the Units and\n Broker Warrants) and Wings Point Gold Project acquisition are subject\n to a four-month and one day statutory hold period that will expire on\n November 10, 2014. Following the closing of the initial tranche of the\n Offering and the acquisition of its 100% interest in the Wings Point\n Gold Project, Zonte will have 25,120,77...