Zone Resources Inc. Announces Private Placement
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/11/11 -- Zone Resources Inc. (Zone) (TSX VENTURE: ZNR)(FRANKFURT: 7ZR) has arranged a non-brokered private placement of up to 20,000,000 units for total proceeds of up to $1,800,000 subject to the approval of the TSX Venture Exchange.
Up to 10,000,000 units at a price of $0.08 per unit will be issued as non flow-through units consisting of one common share and one full warrant. One full warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.12 per share for the first year, and $0.15 per share until expiration in the second and final year.
Up to 10,000,000 units at a price of $0.10 per unit will be issued as flow-through units consisting of one common share and one half (1/2) share purchase warrant. One full warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.12 per share for the first year, and $0.15 per share until expiration in the second and final year.
The proceeds of the private placement will be used for exploration work on the Company's mineral properties and general working capital. Finder's fees, as allowed pursuant to the policies of the TSX Venture Exchange, may be payable in connection with the offering.
About Zone Resources Inc.
Zone Resources Inc. is a Canadian Iron ore exploration and development company with 4 major projects situated in the Labrador Trough of Quebec, Canada. The properties are near Adriana Resources' Lac Otelnuk Project and New Millennium's Kemag and Labmag projects. Historical drilling on the Moore-Ross property includes a significant hole grading 42.9% iron over 197 feet. Over 37 drill holes, the primary iron mineral is hematite and iron grades ranged from 17.25% to 44.8%. Technical information in this news release has been reviewed by Mike Magrum, PEng. a qualified person as defined in National Instrument 43-101. The Company's shares trade on the TSX Venture Exchange under the symbol ZNR and on the Frankfurt Exchange under the symbol 7ZR.
Cautionary note:
This report contains forward looking statements. Resource estimates, unless specifically noted, are considered speculative. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.
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 or accuracy of this release.
Contacts:
Zone Resources Inc.
Charles Desjardins
(604) 683-5445
(604) 687-9631 (FAX)
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Datum: 11.10.2011 - 15:41 Uhr
Sprache: Deutsch
News-ID 74816
Anzahl Zeichen: 0
contact information:
Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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