/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
WIRE SERVICES/
VANCOUVER, BC, June 21,
2022 /CNW/ - Zacapa Resources Ltd. (TSXV:
ZACA) (OTCQB: ZACAF) (DE: BH0) has closed the first tranche of
a non-brokered private placement previously announced on
June 7, 2022 (the "Offering")
and has issued 3,162,678 units (the "Units") at a price of
C$0.45 per Unit for gross proceeds of
approximately C$1.4 million. Each
Unit is comprised of one common share (each, a "Unit Share")
and one half of one common share purchase warrant (each whole
warrant, a "Warrant"). Each Warrant will entitle the holder
thereof to purchase one common share (each, a "Warrant
Share") at a price of C$0.68 for
a period of 24 months following the closing date of the
Offering.
Crescat Capital LLC ("Crescat"), a strategic investor,
has participated in the Offering and has acquired 2,222,222 Units
(the "Crescat Investment"). Crescat has an option to
participate in future financings to maintain its interest in Zacapa
as long as Crescat holds greater than five percent of the issued
and outstanding common shares of Zacapa.
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 for working capital and general corporate purposes.
Finder's fees of 690 Units and $2,970
are payable to Canaccord Genuity Corp. in accordance with the
policies of the TSX Venture Exchange.
Zacapa may close one or more additional closing of this same
Offering for additional proceeds. A subsequent press release will
be issued if any such closing occurs.
The closing of the Offering is subject to final acceptance of
the TSX Venture Exchange. The Unit Shares, Warrant Shares and any
common shares that are issuable from any finder's Units will be
subject to a hold period of four months and one day in accordance
with applicable securities laws.
None of the securities sold in connection with the Offering will
be registered under the United States Securities Act of 1933, as
amended, and no such securities may be offered or sold in the
United States absent registration or an applicable exemption
from the registration requirements. This news release shall not
constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any sale of the securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful.
About Zacapa
Resources
Zacapa is a copper and gold focused mineral exploration company
engaged in responsible exploration for the new energy economy. Its
projects are concentrated in world class jurisdictions in the
southwest U.S., including Arizona,
Nevada, and Idaho. The portfolio includes porphyry copper
projects at Red Top, Pearl, and Dewdrop and epithermal gold
projects at South Bullfrog and Miller
Mountain. These assets are being advanced by a highly
disciplined and seasoned professional team with successful track
records of discovery, resource development and mine permitting.
For more information, please visit www.zacaparesources.com. All
documents are available on Zacapa's profile page on SEDAR at
www.sedar.com.
On behalf of the Board of Directors,
"Adam Melnik"
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.
Forward Looking Statements – Certain information set forth in
this news release may contain forward-looking statements that
involve substantial known and unknown risks and uncertainties. All
statements within, other than statements of historical fact, are to
be considered forward looking. Examples of such statements
include the possibility for additional closings of the Offering and
the anticipated use of proceeds. Although Zacapa believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in forward-looking statements. Zacapa
cautions that all forward-looking statements are inherently
uncertain, and that actual performance may be affected by a number
of material factors, many of which are beyond Zacapa's control.
Accordingly, actual and future events, conditions and results may
differ materially from the estimates, beliefs, intentions and
expectations expressed or implied in the forward-looking
information. Readers are advised to rely on their own evaluation of
such uncertainties. Except as required under applicable securities
legislation, Zacapa undertakes no obligation to publicly update or
revise forward-looking information.
SOURCE Zacapa Resources