Trading Symbol: TSX-V: ZFR OTC:ZPHYF
Shares Outstanding: 37,982,620
HALIFAX, Aug. 1, 2017 /CNW/ - Zephyr Minerals Ltd.
("Zephyr" or the "Company") (TSX-V: ZFR) (OTC: ZPHYF), announces the closing of a second and final tranche of the
previously announced non-brokered private placement. In addition to the initial $596,400 amount
closed in the first tranche, the Company issued 817,859 units at a price of $0.28 per unit for
gross proceeds of $229,000.52. 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 August 1, 2019. There are no
commissions or finder's fees in connection with the private placement.
OakRun Precious Metals Fund Ltd. ("OakRun"), subscribed for 360,716 units, resulting in an ownership of 11,375,000 shares or
29.9% of the Company. Mr. Scott Rhodenizer is Investment Manager for OakRun, and a Director of
Zephyr. Certain additional officers, directors and insiders of the Company subscribed for an aggregate of 357,143 units.
All securities issued in connection with the private placement are subject to a four-month hold period that expires on
December 2, 2017. Net proceeds from the funds raised are expected to be used to advance the Dawson
Gold Project, and for general working capital purposes. The private placement and issuance of stock options remain subject to
final approval of the TSX Venture Exchange ("TSX-V").
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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