VANCOUVER,
July 14, 2014 /CNW/ - Zimtu
Capital Corp. (TSXV: ZC) (FSE: ZCT1) (the "Company" or "Zimtu")
announces that it has closed the non-brokered private placement
financing (the "Offering") it previously announced by News Releases
dated April 4, 2014 and June 17, 2014.
The Company issued 2,228,690 units ("Unit") at a price of
$0.50 per Unit for gross proceeds of
$1,114,345. Each Unit consists of one
common share of the Company ("Share") and one non-transferable
common share purchase warrant ("Warrant"), with one Warrant
entitling the holder to acquire one additional Share ("Warrant
Share") at a price of $0.75 per
Warrant Share until July 11, 2016.
The Company paid cash finders' fees to certain finders in the
aggregate amount of $29,840 and
issued 59,680 warrants (the "Finders' Warrants") exercisable into
Shares ("Finders' Warrant Shares") until July 11, 2016 at a
price of $0.50 per Finders' Warrant
Share.
The Warrants and the Finders' Warrants are subject to an
acceleration clause. If on any 20 consecutive trading days
following July 11, 2014, the closing
sales price of the Shares as quoted on the TSX Venture Exchange
(the "TSXV") is greater than 150% of the exercise price, the
Company may accelerate the expiry date of the Warrants or Finders'
Warrants to the 30th day after the date on which the Company gives
such notice to the warrant holder.
All securities issued in the Offering will be subject to a
statutory hold period expiring November 12,
2014.
The Company intends to use the proceeds from the Offering for
prospect generation, company building and general working
capital.
None of the securities sold in connection with the Offering will
be registered under the U.S. Securities Act of 1933, as
amended, and may not be offered or sold in the United States absent registration or an
applicable exemption from the registration requirements. This press
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 Zimtu Capital Corp.
Zimtu Capital Corp. is a
public investment issuer that invests in, creates and grows natural
resource companies thereby providing a way for shareholders to
indirectly participate and profit in the public company building
process. The Company also provides mineral property project
generation and advisory services helping to connect companies to
properties of interest.
Zimtu trades on the Exchange under the symbol "ZC" and the
Frankfurt Stock Exchange under the symbol "ZCT1".
On Behalf of the Board of Directors
ZIMTU CAPITAL CORP.
"David Hodge"
David Hodge
President & Director
Phone: 604.681.1568
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.
Statements in this document which are not purely historical
are forward-looking statements, including any statements regarding
beliefs, plans, expectations or intentions regarding the future.
Forward looking statements in this news release include
expectations of management regarding use of proceeds of the
Offering and acceleration of the Warrants and Finders'
Warrants.
It is important to note that actual outcomes and the
Company's actual results could differ materially from those in such
forward-looking statements. Risks and uncertainties include, but
are not limited to, economic, competitive, governmental,
environmental and technological factors that may affect the
Company's operations, markets, products and prices; the
Exchange may not approve the Offering; the proceeds of the Offering
may not be used as stated in this press release; and that the
parties may be unable to satisfy all of the conditions to closing
the Offering. Readers should refer to the risk disclosures
outlined in the Company's Management Discussion and Analysis of its
audited financial statements and other continuous disclosure
documents filed under the Company's profile on SEDAR
(http://www.sedar.com).
SOURCE Zimtu Capital Corp.