THUNDER BAY, ON, Dec. 11, 2018 /CNW/ -
Flow-Through Private Placement
Zenyatta Ventures Ltd. ("Zenyatta" or the "Company") (TSXV:ZEN)
is pleased to announce, subject to acceptance of the TSX Venture
Exchange (the "Exchange"), an offering of flow-through common
shares of the Company (the "Offering") on a non-brokered private
placement basis. The Offering will be comprised of up to 7,500,000
flow-through common shares of the Company, at a price of
$0.40 per flow-through common share,
for gross proceeds of up to $3,000,000. The proceeds from the Offering will
be used for bulk sampling, environmental assessment and community
engagement.
All securities issued to purchasers under the Offering will be
subject to a four-month hold period from the closing date of the
Offering, pursuant to applicable securities legislation and
policies of the Exchange. Finders fees may be paid as permitted by
Exchange policies and applicable securities law.
Closing of Private Placement
The Company also announces that following the completion of the
first tranche of the private placement of units announced on
November 16, 2018, the private
placement is now closed. The Board of directors of Zenyatta would
like to thank all the long-term Zenyatta shareholders, and all the
new shareholders, who participated in the private placement.
To find out more on Zenyatta Ventures Ltd., please visit our
website at www.zenyatta.ca. A copy of this press release and all
material documents in respect of the Company may be obtained on
Zenyatta's SEDAR profile at www.sedar.ca.
CAUTIONARY STATEMENT: Zenyatta has completed a Preliminary
Economic Assessment regarding the Albany Project (the "PEA") in
support of its development work (see Zenyatta press release of
1 June 2015). The PEA is preliminary
in nature, it includes inferred mineral resources that are
considered too speculative geologically to have the economic
considerations applied to them that would enable them to be
categorized as mineral reserves, and there is no certainty that the
PEA will be realized. Mineral resources that are not mineral
reserves do not have demonstrated economic viability. Without a
formal independent feasibility study, there is no assurance that
operations will be economically viable.
Neither 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 news release may contain forward
looking information and Zenyatta cautions readers that forward
looking information is based on certain assumptions and risk
factors that could cause actual results to differ materially from
the expectations of Zenyatta included in this news release. This
news release includes certain "forward-looking statements", which
often, but not always, can be identified by the use of words such
as "believes", "anticipates", "expects", "estimates", "may",
"could", "would", "will", or "plan". These statements are based on
information currently available to Zenyatta and Zenyatta provides
no assurance that actual results will meet management's
expectations. Forward-looking statements include estimates and
statements with respect to Zenyatta's future plans, objectives or
goals, to the effect that Zenyatta or management expects a stated
condition or result to occur, including the expected timing for
release of a pre-feasibility study, the expected uses for graphite
in the future, and the future uses of the graphite from Zenyatta's
Albany deposit. Since
forward-looking statements are based on assumptions and address
future events and conditions, by their very nature they involve
inherent risks and uncertainties. Actual results relating to, among
other things, results of exploration, metallurgical processing,
project development, reclamation and capital costs of Zenyatta's
mineral properties, and Zenyatta's financial condition and
prospects, could differ materially from those currently anticipated
in such statements for many reasons such as, but are not limited
to: failure to identify mineral resources; failure to convert
estimated mineral resources to reserves; the inability to complete
a pre-feasibility study; the preliminary nature of metallurgical
test results; the inability to enter into offtake agreements with
qualified purchasers; delays in obtaining or failures to obtain
required governmental, environmental or other project approvals;
political risks; uncertainties relating to the availability and
costs of financing needed in the future; changes in equity markets,
inflation, changes in exchange rates; fluctuations in commodity
prices; delays in the development of projects; capital and
operating costs varying significantly from estimates and the other
risks involved in the mineral exploration and development industry;
and those risks set out in Zenyatta's public documents filed on
SEDAR. This list is not exhaustive of the factors that may affect
any of Zenyatta's forward-looking statements. These and other
factors should be considered carefully and readers should not place
undue reliance on Zenyatta's forward-looking statements. Although
Zenyatta believes that the assumptions and factors used in
preparing the forward-looking information in this news release are
reasonable, undue reliance should not be placed on such
information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur
in the disclosed time frames or at all. Zenyatta disclaims any
intention or obligation to update or revise any forward- looking
information, whether as a result of new information, future events
or otherwise, other than as required by law.
SOURCE Zenyatta Ventures Limited