Zefiro Methane closes C$5M non-brokered private placement

Zefiro Methane Corp. (CBOE CA: ZEFI) (FSE: Y6B) (OTCQB: ZEFIF) has closed a non-brokered private placement, raising gross proceeds of approximately C$5.0 million, according to a company statement.

The company issued 7,575,758 units at C$0.66 per unit, with each unit comprising one common share and one-half of one common share purchase warrant. Each whole warrant allows the holder to purchase one additional common share at C$0.80 for a period of 30 months from issuance.

Zefiro said it intends to use net proceeds for general working capital and corporate purposes, and may also apply a portion toward strategic acquisitions.

In connection with the offering, the company paid finders a cash commission of C$300,000, equal to 6% of gross proceeds, and issued 454,545 broker warrants exercisable at C$0.66 per share for 24 months from closing. The broker warrants are subject to a statutory hold period of four months and one day under applicable Canadian securities laws.

Units were offered to purchasers outside of Canada under an exemption from prospectus requirements pursuant to Ontario Securities Commission Rule 72-503, and are not subject to resale restrictions. The securities have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States without registration or an applicable exemption.

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