Canadian based gold exploration and development concern,
The miner's data shows that MC and MC-2 properties are currently being mined for gold on a small scale by pits ten to twenty meters deep in the easily mined weathered zones. There has not been any serious mining in Nyanga North with only small-scale gold mining directly to the West.
The three properties have never been exposed to modern exploration methods and have never been drill tested.
"'The MC and MC-2 properties have many of the same geological characteristics as the
"The Nyanga North prospect is in a shear zone where eluvial gold was discovered and mined but little or no follow-up exploration has ever been done. All three of these properties have high discovery potential for significant gold deposits," he said.
Zephyr also announced the sale of stock shares to pre-selected investors and institutions of up to 4,000,000 units at a price of
Under the arrangement, each Warrant will be exercisable to purchase one common share of the Company for
The expiry date of the Warrants may be accelerated by Zephyr at any time if the volume-weighted average trading price of the common shares is greater than or equal to
If this occurs, the company may accelerate the expiry date of the warrants by issuing a press release announcing the reduced Warrant term whereupon the Warrants will expire on the 30th calendar day after the date of such press release.
"Net proceeds from the funds raised will be used for mineral exploration programs in
"In connection with the offering, a finder's fee may be paid consisting of a cash commission equal to 7% of the gross proceeds raised under the offering and that number of non-transferable finder's fee warrants as is equal to 7% of the number of shares," said Zephyr.
To this extent, the Company has signed multiple property joint venture agreements and has applied for two Exclusive Prospecting Orders covering 124,000 hectares.
The Company is also actively reviewing lithium opportunities generated through in-house research and property submittals by third parties.
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