Zacapa Resources Ltd. (TSXV: ZACA | OTCQB: ZACAF | DE: BH0) has announced a non-brokered private placement for the sale of up to 20,000,000 units at a price of C$0.15 per unit for gross proceeds of up to C$3,000,000.
Each unit will be comprised of one common share and one common share purchase warrant. Each Warrant will entitle the holder thereof to purchase one common share a price of C$0.22 for a period of 36 months following the closing date of the offering.
It is anticipated that the directors of Zacapa will subscribe for units in the offering. The subscription of units to insiders pursuant to the offering is considered a related party transaction for purposes of Multilateral Instrument 61-101 – Protection of Minority Shareholders in Special Transactions.
The net proceeds from the sale of units will be used for exploration and drilling of Zacapa’s projects, including the South Bullfrog gold project in Nevada and the Miller Mountain gold project in Idaho, and for working capital and general corporate purposes. Finder’s fees will be payable in accordance with the policies of the TSX Venture Exchange. The closing of the offering is expected to occur on or about October 7, 2022.
To find out more, please visit www.zacaparesources.com