HALIFAX, July 9, 2014 /CNW/ - Zonte Metals Inc (TSXV: ZON) ("Zonte" or the "Company") is pleased to announce that it
has closed the initial tranche of the Private Placement announced on
May 8, 2014 (the "Offering") and has also reached an amended agreement
to acquire a 100% interest in the Company's Wings Point Gold Project.
The Company will issue 3,172,538 units (the "Units") at a price of
$0.065 per Unit for total gross proceeds of $206,215 upon closing of
the initial tranche of the Offering. Each Unit is comprised of one
common share and one half of one common share purchase warrant, with
each whole warrant (the "Warrants") entitling the holder thereof to
acquire one common share of the Company at a price of $0.10 at any time
prior to July 9, 2016. The Company will issue 24,320 Broker Warrants
and pay cash finders' fees aggregating $1,581 on the closing of the
initial tranche of the Offering. Each Broker Warrant entitles the
holder to purchase one common share of the Corporation at an exercise
price of $0.10 per share at any time prior to January 9, 2016. Several
additional parties have expressed interest in participating in the
Private Placement and the Company may consider closing a second tranche
of up to 1,827,462 Units for additional gross proceeds of up to
$118,785 subject to timing and demand.
The Company intends to use the proceeds of the Offering for mineral
exploration and working capital purposes.
The Company also announces that it has re-negotiated the terms of the
Wings Point Option Agreement and subject to regulatory and exchange
approval will acquire a 100% interest in the Wings Point Gold Project
through the issuance to the vendors of 1,000,000 common shares of the
Company. The acquisition of a 100% interest in the Project provides the
Company with greater flexibility on the timing of additional
exploration going forward.
The securities issued pursuant to the Offering (including the Units and
Broker Warrants) and Wings Point Gold Project acquisition are subject
to a four-month and one day statutory hold period that will expire on
November 10, 2014. Following the closing of the initial tranche of the
Offering and the acquisition of its 100% interest in the Wings Point
Gold Project, Zonte will have 25,120,779 shares issued and outstanding.
Zonte Metals Inc. is a junior explorer focused on gold and copper.
Zonte's Wings Point Project, located on the island portion of
Newfoundland and Labrador, has been the Company's primary exploration
focus to date and the Company has identified several drill-ready
targets. In Colombia the Company, in collaboration with strategic local
partners, has also applied for three exploration licenses covering
areas believed to be highly prospective, and is continuing with
negotiations and due diligence on several other projects and
opportunities in Colombia.
Forward-Looking Information
This news release contains forward-looking statements which include
statements regarding the Corporation's future plans, as well as
statements regarding financial and business prospects and the
Corporation's future plans, objectives or economic performance and
financial outlooks. The Corporation believes that the expectations
reflected in this news release are reasonable but actual results may be
affected by a variety of variables and may be materially different from
the results or events predicted in the forward-looking statements.
Readers are therefore cautioned not to place undue reliance on these
forward-looking statements.
In evaluating forward-looking statements readers should consider the
risk factors which could cause actual results or events to differ
materially from those indicated by such forward-looking statements.
These forward-looking statements are made as of the date hereof, and
unless otherwise required by applicable securities laws, the
Corporation does not intend nor does it undertake any obligation to
update or revise any forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy of accuracy of this release.
SOURCE Zonte Metals Inc.
