Trading Symbol:  TSX-V: ZFR 
Shares Outstanding: 24,395,961

HALIFAX, Oct. 26, 2015 /CNW/ - Zephyr Minerals Ltd. ("Zephyr" or the "Company") (TSX-V: ZFR) is pleased to announce that it has arranged a non­brokered private placement financing of $1,350,000 comprising the sale of 9,000,000 units at a price of $0.15 per unit (the "Private Placement"). 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 $0.20 per common share at any time on or before the 22-month anniversary of the closing of the offering.

OakRun Precious Metals Fund, Ltd. will subscribe, subject to all necessary approvals, for 9,000,000 units of the Private Placement, resulting in approximately a 27% ownership interest in Zephyr. Zephyr is required to obtain shareholder approval for the Private Placement.

In connection with the offering, a finder's fee consisting of a cash commission equal to 5% of the gross proceeds raised under the offering and that number of non-transferable finder's fee warrants as is equal to 5% of the number of shares will be paid. Each finder's fee warrant will be exercisable into one common share of the Company at $0.20 per share, for a period of 22 months from the closing date. Net proceeds from the funds raised will be used to advance the Dawson Gold Project ("Dawson") in Colorado, USA, and for general working capital purposes. All shares and warrants are subject to a four-month hold period.

The Private Placement is subject to acceptance by the TSX Venture Exchange and required regulatory approvals.

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. Dawson is an advanced stage high-grade gold property with excellent blue sky potential.  In the fall of 2013, Zephyr announced filing on SEDAR a technical report, prepared in accordance with National Instrument -- Standards of Disclosure for Mineral Projects ("NI 43-101") on Dawson. In the fall of 2015, Zephyr announced that a preliminary mine plan was filed on SEDAR. Zephyr has commenced base line environmental studies as part of its efforts to advance the Dawson Project with the ultimate goal of production, subject in part to a positive economic study.

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.

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, 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 Project.

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.