Zephyr closes private placement

Trading Symbol:  TSX-V: ZFR  OTC:ZPHYF 
Shares Outstanding: 51,602,477

HALIFAX, June 5, 2019 /CNW/ - Zephyr Minerals Ltd. ("Zephyr" or the "Company") (TSX-V: ZFR) (OTC: ZPHYF), has closed a non-brokered private placement raising $600,570 through the issuance of 2,859,857 units at a price of $0.21 per unit. Each unit consists of one common share and one-half warrant of the Company ("Unit"). Every two one-half common share purchase warrants of the Company entitles the subscriber to acquire one common share of the Company for $0.30 for a period of twelve months from the closing date.  

Net proceeds from the funds raised will be used to advance the Dawson-Green Mountain Project in Colorado, USA, and for general working capital purposes. All securities issued in connection with the private placement, including the shares and warrants comprising the units are subject to a statutory four-month hold period that expires on October 6, 2019. The private placement remains subject to final acceptance by the TSX Venture Exchange.

In connection with the closing, the Company paid a cash finder's fee of $20,653.50 and 98,350 finder's warrants to Leede Jones Gable Inc.; and a cash finder's fee of $1,470 and 7,000 finder's warrants to Haywood Securities Inc.; and a cash finder's fee of $4,336.50 and 20,750 finder's warrants to Aligned Capital Partners Inc. Each finder's warrant entitles the holder to acquire one common share of the Company at $0.30 for a period of twelve months from the closing date.

Certain officers, directors and insiders of the Company subscribed for an aggregate of 45,000 units.

About Zephyr Minerals Ltd.

Zephyr Minerals Ltd. continues to advance its 100% owned high grade Dawson-Green Mountain Project in Colorado, USA. After expanding its land package to 1,388 hectares (3,430 acres) the company now controls a 12.2 kilometer (7.5 mile) mineralized trend which is prospective for Broken Hill-type silver-lead-zinc deposits and gold.

To be included in the Zephyr Minerals email database for Company updates please visit our website www.zephyrminerals.com and select the "Contact" menu item.

CAUTIONARY STATEMENT:

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release contains forward-looking statements. More particularly, this press release contains statements concerning the use of funds from the private placement.

The forward-looking statements contained in this document are based on certain key expectations and assumptions made by the Company, including, with respect to the use of funds from the private placement, expectations and assumptions concerning timing of receipt of required regulatory approvals and third party consents and the satisfaction of other conditions to the completion of the exploration work on the Dawson-Green Mountain Property.

The forward-looking statements contained in this document are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

SOURCE Zephyr Minerals Ltd.

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