VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 28, 2014) - Zone Resources Inc. (TSX VENTURE:ZNR) (FRANKFURT:7ZR) (the "Company') is pleased to announce that it has closed a tranche of the non-brokered private placement previously announced March 17th 2014.
A total of 2,425,000 units will be issued as non flow-through units at a price of $0.05 per unit for total proceeds of $121,250. Each unit will consist of one common share and one-half of one whole share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.10 per share for 18 months from the date of closing. The proceeds of the private placement will be used for general working capital.
Shares, warrants and any shares issued upon exercise of the warrants are subject to a hold period of four months expiring August 26th 2014. The proceeds of the private placement will be used for general working capital.
The following insiders participated in the private placement: Doug McFaul, 150,000 units and Gordon Jang 300,000 units.
Finders' fees: Haywood Securities Inc. - $4,125 cash and 82,500 Broker warrants. Each Broker Warrant is convertible into units of the Company at an exercise price of $0.05 until expiration on October 25th 2015. Each unit comprises one share and one warrant exercisable at $0.10 per share for 18 months from the date of closing.
About Zone Resources Inc.
Zone Resources Inc. is a Canadian mineral exploration and development company with projects in Canada.
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.
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.