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Provider: Reuters Investment Profile
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Zephyr Minerals Ltd Closes $300,050 Private Placement-Canada Stockwatch News


Thursday, 15 Nov 2012 10:07am EST 

Canada Stockwatch News reported that Zephyr Minerals Ltd. has closed the previously announced private placement to raise $300,050 through the issuance of 2,000,332 units at a price of 15 cents per unit. 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 20 cents per common share at any time on or before the 12-month anniversary of the closing of the offering. All securities issued in connection with the private placement are subject to a four-month hold period that expires on March 14, 2013. Net proceeds from the funds raised are expected to be used to conduct exploration work on the Keezhik gold property and for general working capital purposes. The private placement remains subject to final approval of the TSX Venture Exchange. The Company paid cash finders' fees of $14,824 and issued 98,827 finder warrants to finders acting on behalf of the Company in connection with the private placement. Each finder warrant will be exercisable into one common share of the Company at 20 cents per share for a period of 12 months from the closing date. 

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