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Zonte Metals Inc V.ZON

Alternate Symbol(s):  EREPF

Zonte Metals Inc. is a Canada-based junior mineral exploration company primarily focused on gold and copper. Its projects include Wings Point Gold Property, McConnell's Jest Project (MJ project) and Cross Hills Project (Cross Hills). The Cross Hills Project is located on the island portion of Newfoundland and Labrador, approximately 20 kilometers from the town of Terrenceville and consists of approximately 573 claims covering over 14,325 hectares. The McConnell’s Jest Project is in the Yukon Territory about 65 km northeast of the town of Mayo and consists of approximately 172 contiguous quartz claims. It holds a 100% interest in the Wings Point Project located on the island portion of Newfoundland and Labrador, about 30 km north of Gander and at the northern end of the central Newfoundland gold belt. In addition, the Company has an application for open areas sitting on top of the open pit outline of the Gramalote Deposit in Colombia. It also has a 25% carried interest in Project X.


TSXV:ZON - Post by User

Bullboard Posts
Post by bcjton Dec 16, 2015 8:55am
109 Views
Post# 24387588

Zonte hires legal counsel for Gramalote applicaiton

Zonte hires legal counsel for Gramalote applicaitonZonte Metals Inc (C:ZON) Shares Issued 25,120,779 Last Close 12/14/2015 $0.10 Wednesday December 16 2015 - News Release Mr. Terry Christopher reports ZONTE METALS ANNOUNCES NON-BROKERED PRIVATE PLACEMENT AND PROVIDES AN UPDATE ON THE GRAMALOTE TARGET APPLICATION Zonte Metals Inc. plans to raise up to $100,000 through a non-brokered private placement that will include up to 1,176,500 units at a price of 8.5 cents per unit, subject to TSX Venture Exchange approval. Each Unit will consist of one common share and one full share purchase warrant, with each warrant entitling the holder to acquire one additional common share at a price of $0.16 for a period of 24 months from the date of the issuance. Eligible finders will be entitled to a Finders' Fees in connection with the securities sold pursuant to the Offering of (i) cash in the amount of 8% of the aggregate gross subscription proceeds received from the sale of securities; and (ii) Finder's Warrants equal to 8% of the number of securities sold in the Offering, each such Finders' Warrant exercisable at any time up to 18 months following its date of issuance to purchase one common share of the Company at an exercise price of $0.16 per share. All Finders' Fees will be subject to and in accordance with Exchange and regulatory policies. The Company intends to use the net proceeds of the Offering for working capital purposes. The securities issued pursuant to the Offering will be subject to a four-month and one day statutory hold period. As previously announced on November 19, 2015, Zonte, with its Colombian Partner, has retained legal counsel to pursue its mineral title application that covers open areas between titles over and near the Gramalote Deposit; a deposit which is held in a joint venture between AngloGold Ashanti (NYSE:AU) and B2Gold (TSX:BTO, NYSE:BTG). The application in question is being processed at the Secretaria de Minas, Department of Antioquia, who has acknowledged that there is open ground covered by Zonte's application, but is attempting to deny the application. Applications for mineral titles are subject to be processed according to the Mining Code 685 of 2001 and the Company's legal counsel is of the opinion that the application has not been processed in accordance with the Mining Code. See November 19, 2015 press release on the company's website for further details and the following link which illustrates the open areas being applied for https://www.zontemetals.com/projects/colombia/. In response to the Secretaria de Minas attempt to deny the application, the Company's legal counsel submitted a detailed counter response on November 4th, 2015 to the Secretaria de Minas. For clarification, this counter response is not a court proceeding, but rather a step in the dispute process. The Secretaria de Minas has until January 4th, 2016 to answer the response. Depending on the response and answer the Company will then proceed accordingly. In addition for further clarification, the Company has retained a legal firm that is leading the initiative as well as a separate legal advisor. The legal advisor is the former head of the Secretaria de Minas, Department of Antioquia, and hence well versed in the Mining Code 685 of 2001 which governs the titling process. The combined legal team provides the Company with a comprehensive plan to move forward on a number of fronts should it have to. Zonte will provide updates of the progress as developments materialize. We seek Safe Harbor. 2015 Canjex Publishing Ltd.
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