Business
Zonte Metals Inc. announces change of terms for proposed non-brokered private placement
TSX Venture Exchange: ZON BEDFORD, NS, Oct. 3, 2011 /CNW/ - Zonte Metals Inc. (TSXV:ZON) ...
About this update from Zonte Metals Inc.
[{"type":"text","content":"\n\n\n\n\n\nTSX Venture Exchange: ZON\n\n\nBEDFORD, NS, Oct. 3, 2011 /CNW/ - Zonte Metals Inc. (TSXV:ZON) (\"Zonte\n Metals\" or the \"Company\") is pleased to announce a change of terms to\n its private placement, previously announced April 6, 2011, to reflect\n its name change and shares split which, became effective August 2,\n 2011. The Company now plans to raise up to $800,000 through the issue\n of 2,000,000 units at a price of $0.25 per Unit for gross proceeds of\n $500,000 and 1,000,000 flow-through shares at $0.30 per share for gross\n proceeds of $300,000 (collectively, the \"Offering\"), subject to\n regulatory approval and closing.\n\n\nEach Unit will consist of one common share and one-half (½) of one share\n purchase warrant, with each whole warrant entitling the holder to\n acquire one additional common share at a price of $0.35 for a period of\n 24 months from the date of issuance. If the closing share price of the\n Company's common shares on the TSX Venture Exchange is greater than\n $0.75 per share for a period of 20 consecutive trading days at any time\n following the issuance of the Warrants, the Company may accelerate the\n expiry date of the Warrants by issuing a press release announcing the\n reduced warrant term whereupon the Warrants will expire on the 30th\n calendar day after the date of the press release.\n\n\nThe Company may pay the finders' fees in regard to the securities sold\n pursuant to the Offering in the form of (i) cash from the Issuer in an\n amount equal to 8% of the aggregate gross subscription proceeds\n received from the sale of securities; and (ii) agent warrants equal to\n 8% of the number of securities sold in the Offering, each such agent\n warrant exercisable at any time up to 18 months following its date of\n issuance to purchase one common share of the Company at an exercise\n price of $0.33 per share.  The agent warrants will also be subject to\n the early acceleration provisions of the warrants forming part of the\n Units.\n\n\nThe Company intends to use the net proceeds of the Offering for mineral\n exploration and working capital purposes. The securities issued\n pursuant to the Offering will be subject to a four-month and one day\n statutory hold period.\n\n\nAbout Zonte Metals Inc.\n\n\nZonte Metals Inc. is a junior explorer focused on gold. Our model is to\n fin...