Zonte Metals Announces Non-Brokered Private Placement
December 18, 2024 - Zonte Metals Inc. (TSXV: ZON) ("Zonte" or the "Company") is pleased to announce a non-brokered private placement for proceeds of up to $750,000 consisting of up to 6,000,000 Common Share Units at a price of $0.06 per Common Share Unit and 6,000,000 Flow-through Shares at a price of $0.065 per Flow-through Share (the "Offering"), subject to TSX Venture Exchange (the "Exchange") approval. Each Common Share Unit will consist of one common share and one-half common share purchase warrant with each whole warrant entitling the holder to acquire one additional common share at an exercise price of $0.10 per common share for a period of 18 months from the date of issuance. Eligible finders will be entitled to a Finders' Fees in connection with securities sold pursuant to the Offering of (i) cash in an amount equal to 7% of the aggregate gross subscription proceeds received from the sale of securities; and (ii) Finders' Warrants equal to 7% of the number of securities sold in the Offering, each such Finders' Warrant exercisable at any time up to 18 months following its date of issuance to purchase one common share of the Company at an exercise price of $0.12 per share. All Finders' Fees will be subject to and in accordance with Exchange and regulatory policies.
The initial closing of the Offering is expected to take place on or about December 20, 2024 or other dates(s) as may be determined by the Company. The securities issued pursuant to the Offering will be subject to a four-month and one day statutory hold period.
Certain insiders of the Company may participate in the Offering. Any participation by insiders in the Offering would constitute a "related party transaction" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). However, the Company expects the level of any such participation will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 and intends to rely on the exemptions available under the instrument.
The Company intends to use the net proceeds of the Offering for working capital purposes and exploration at the Cross Hills Iron Oxide Copper Gold Property, in Newfoundland and Labrador.
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.
About Zonte
Zonte Metals Inc. is a junior explorer focused on gold and copper. The Company owns 100% of its properties including the Cross Hills Copper Project and the Wings Point Gold Project in Newfoundland and Labrador, the MJ project in the Tintina Gold Belt, located in the Yukon Territory. In Colombia; the company has a 25% carried interest in Project X where historic drilling intersected significant gold mineralization and the Company and partner have an application over open areas sitting on top of the open pit outline of the Gramalote Deposit in Colombia, which is held by AngloGold Ashanti (NYSE:AU) and B2Gold (TSX:BTO, NYSE:BTG). The title issuance is being contested by the state governing the application and the Company has started legal action to protect its rights.
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.
For further information contact:
Terry Christopher
CEO and President
902-405-3520
info@zontemetals.com
www.zontemetals.com
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