Zephyr Minerals announces non-brokered private placement

Trading Symbol:  TSX-V: ZFR
Shares Outstanding: 20,847,295                         

HALIFAX, June 23, 2014 /CNW/ - Zephyr Minerals Ltd. ("Zephyr" or the "Company") (TSXV: ZFR), is pleased to announce that it will undertake a non-brokered private placement to sell up to 2,000,000 units of the Company at a price of $0.15 per unit for gross proceeds of up to $300,000.

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 12-month anniversary of the closing of the offering.

In connection with the offering, a finder's fee may be paid consisting of a cash commission equal to 8% of the gross proceeds raised under the offering and that number of non-transferable finder's fee warrants as is equal to 8% of the number of shares. Each finder's fee warrant will be exercisable into one common share of the Company at $0.20 per share, for a period of 12 months from the closing date. 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 shares and warrants are subject to a four-month hold period.

Closing of the non-brokered offering is anticipated to occur on or before July 11, 2014, and is subject to receipt of applicable regulatory approvals, including approval of the TSX Venture Exchange.

About Zephyr Minerals Ltd.

Zephyr Minerals Ltd. is a gold exploration and development company focused on advancing its flagship Dawson Gold Project ("Dawson 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 compliant technical report, prepared in accordance with National Instrument -- Standards of Disclosure for Mineral Projects ("NI 43-101") on Dawson. Zephyr intends to commence 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.

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.

SOURCE Zephyr Minerals Ltd.