Trading Symbol: TSX-V: ZFR OTC:ZPHYF
Shares Outstanding: 35,034,761
HALIFAX, Feb. 28, 2017 /CNW/ - Zephyr Minerals Ltd.
("Zephyr" or the "Company") (TSX-V: ZFR) (OTC: ZPHYF), announces that it has closed the non-brokered private placement
announced on February 17, 2017 and has raised $216,000 through the
issuance of 675,000 units at a price of $0.32 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 $0.42 per common share at any time on or before February 28,
2019. There are no commissions or finder's fees in connection with the private placement.
Net proceeds from the funds raised will be used to advance the Dawson Gold Project in Colorado,
USA, and for general working capital purposes. All securities issued in connection with the private placement, including
the shares and warrants comprising the units are subject to a statutory four-month hold period that expires on July 1, 2017.
OakRun Precious Metals Fund Ltd. ("OakRun"), subscribed for 575,000 units, resulting in an ownership of 11,000,000 shares or
31.4% of the Company. Mr. Scott Rhodenizer is Investment Manager for OakRun, and a Director of
Zephyr.
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. 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.
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