Zephyr Minerals closes $260,000 non-brokered private placement

Zephyr Minerals Ltd. (TSXV: ZFR) (OTC Pink: ZPHYF) has closed a non-brokered private placement, issuing 5,200,000 units at $0.05 per unit for gross proceeds of $260,000, according to a press release from the Halifax, Nova Scotia-based company.

Each unit consists of one common share and one common share purchase warrant. Each warrant allows the holder to acquire one additional share at $0.10 for a period of 24 months from the date of issuance.

The company said proceeds will be used for general working capital and to advance permitting activities on its Dawson Gold Project in Colorado.

Zephyr paid $2,100 in cash finders' fees and issued 42,000 finders' warrants to an arm's-length party. All securities issued are subject to a statutory hold period of four months and one day. The placement remains subject to final acceptance by the TSX Venture Exchange.

Company insiders acquired 1,700,000 units for $85,000, constituting a related party transaction under Multilateral Instrument 61-101. Zephyr said it relied on available exemptions from formal valuation and minority shareholder approval requirements, as insider subscriptions did not exceed 25% of the company's market capitalization.

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