Trading Symbol: TSX-V: ZFR OTC: ZPHYF
Shares Outstanding: 37,164,761
HALIFAX, May 29, 2017 /CNW/ - Zephyr Minerals Ltd.
("Zephyr" or the "Company") (TSX-V: ZFR) (OTC: ZPHYF), is
pleased to announce the closing of a tranche of the previously
announced private placement and that it issued 2,130,000 units at a
price of $0.28 per unit for aggregate
gross proceeds of $594,400. Each unit
consists of one common share and one-half of one common share
purchase warrant. Each whole warrant entitles the holder to acquire
one common share at an exercise price of $0.42 per common share at any time on or before
May 29, 2019. Several additional
parties have expressed interest in participating in the private
placement and the Company may consider closing a second tranche of
up to 1,448,572 Units for additional gross proceeds of up to
$405,600.
OakRun Precious Metals Fund Ltd. ("OakRun"), subscribed for
1,800,000 units, resulting in an ownership of 11,014,284 shares or
29.6% of the Company. Mr. Scott
Rhodenizer is Investment Manager for OakRun, and a Director
of Zephyr. Certain additional officers and directors of the Company
subscribed for an aggregate of 100,000 units.
All securities issued in connection with the first tranche of
the private placement are subject to a four-month hold period that
expires on September 30, 2017. Net
proceeds from the funds raised are expected to be used to advance
the Dawson Gold Project, and for general working capital purposes.
The private placement remains subject to final approval of the TSX
Venture Exchange.
About Zephyr Minerals Ltd.
Zephyr Minerals Ltd. is a gold exploration and development
company focused on advancing its flagship Dawson Gold Project
in Colorado, USA. After completing
a positive PEA, Zephyr is continuing to advance the project though
permitting, additional exploration as well as further engineering
work with a plan to develop a high grade, low cost underground gold
mine.
To be included in the Zephyr email database for Company updates
please contact info@zephyrminerals.com, or visit our website
www.zephyrminerals.com for more information.
CAUTIONARY STATEMENT:
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release. This press release contains forward-looking
statements. More particularly, this press release contains
statements concerning the use of funds from the private
placement.
The forward-looking statements contained in this document are
based on certain key expectations and assumptions made by the
Company, including, with respect to the use of funds from the
private placement, expectations and assumptions concerning timing
of receipt of required regulatory approvals and third party
consents and the satisfaction of other conditions to the completion
of the exploration work on the Dawson Gold Property.
The forward-looking statements contained in this document are
made as of the date hereof and the Company undertakes no obligation
to update publicly or revise any forward-looking statements or
information, whether as a result of new information, future events
or otherwise, unless so required by applicable securities
laws.
SOURCE Zephyr Minerals Ltd.