Canadian Zeolite Completes Private Placement
Vancouver, British Columbia (FSCwire) - Canadian Zeolite Corp. (TSX.V: CNZ) (the “Company”) – The Company is pleased to announce that it has received TSX Venture Exchange approval to its private placement offering announced September 2, 2016.
The Company has issued 1,000,000 Units at $0.30 per Unit for gross proceeds of $300,000. Each Unit consists of one common share (a “Share”) and one share purchase warrant, entitling the holder to acquire an additional common share at $0.40 per share for a one year period. The Company paid a cash finder’s fee of $5,600 and issued 18,666 Broker Warrants on a portion of the funds raised. The Shares, and any shares issued upon exercise of the Warrants, are subject to a hold period expiring January 7, 2017. Proceeds of the offering will be used for general corporate and working capital purposes, as well as continued new product development.
A participating insider purchased approximately 22% ($66,400) of the offering. Pursuant to Multilateral Instrument 61-101, protection of minority securityholders in special transactions, the purchase by the purchasing insider was a related-party transaction, but the Company is exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the offering.
On behalf of the Board of Directors
/s/ Ray Paquette
President & CEO
604.684.3301
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.
Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to future expenditures. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the ability to complete contemplated work programs and the timing and amount of expenditures. Canadian Zeolite does not assume the obligation to update any forward-looking statement.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/CanadianZeolite09082016.pdf
Source: Canadian Zeolite Corp. (TSX Venture:CNZ)
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