Zeus North America Mining Corp. has announced that it has closed its previously announced non-brokered private placement through the issuance of 5,664,400 units.
The units are structured at a price of $0.25 per unit for gross proceeds of $1,416,100.
Purchase warrants
Each unit consisted of one common share and one full share purchase warrant. Each warrant entitles the holder to acquire an additional common share at a price of $0.35 per share until 6 September 2026.
Zeus has paid a 7% finder’s fee in connection with the proceeds raised by the Company from investors introduced to the Company by finders, consisting of $74,970 in cash and $299,880 in non-transferable broker warrants. Each broker’s warrant has the same terms as the warrants.
All securities issued pursuant to the placement are subject to a statutory hold period of four months and one day, expiring on 6 January 2025.
Proceeds of the placement
The proceeds of the placement will be utilised for exploration programmes on the Company’s Idaho copper projects, including its flagship Cuddy Mountain project and general working capital purposes.
Insiders of the Company have subscribed for units pursuant to the placement. The issuance of the units to the insiders pursuant to the placement will be related to party transactions within the meaning of Multilateral Instrument 61-101.
Zeus intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(b) and 5.7(1)(a) of MI 61-101 regarding insider participation.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Regulatory considerations
The securities described herein have not been, nor will they be, registered under the United States Securities Act of 1933, as amended or under any US state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act, as amended, and applicable state securities laws.
