By Devika Patel
Knoxville, Tenn., Sept. 24 - Zone Resources Inc. announced that it has revised the terms for a C$1 million non-brokered private placement of units. The deal priced on Sept. 8.
The company will sell 6,666,666 units of one common share and one warrant at C$0.15 apiece. Each warrant is exercisable at C$1.50 for two years.
The company also said it will be settling up to C$950,000 in debt on terms no more favorable than the terms of the units placement.
Zone Resources is an oil and gas exploration company based in Calgary, Alta.
| Issuer: | Zone Resources Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1 million
|
| Units: | 6,666,666
|
| Price: | C$0.15
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.50
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 24
|
| Stock symbol: | TSX Venture: ZNR
|
| Stock price: | C$0.18 at close on Sept. 24
|
| Market capitalization: | C$13.7 million
|
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