Zone Resources Inc. Closes Private Placement and Sets Incentive Stock Optionsadmin
Zone Resources Inc. announces that the TSX Venture Exchange has accepted the non-brokered private placement announced on February 25th 2011.
A total of 5,000,000 units were issued as non-flow-through units consisting of one common share and one full warrant for total proceeds of CDN $425,000. One full warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.12 per share for the first year and at a price of $0.15 through to completion of the second year.
Shares, warrants and any shares issued upon exercise of the warrants are subject to a hold period of four months expiring July 10, 2011. The proceeds of the private placement will be used for general working capital, oil and gas exploration and other potential resource sector opportunities.
The following pro groups and insider participated in the private placement;
Pro group: Kerry Chow 500,000 shares; Jacqueline Chow 400,000 shares; Roberto Chu 200,000; Judy Chu 100,000.
Insider: Gordon Jang 300,000 shares
Finders’ fees: $34,000 cash and 400,000 warrants (same terms as private placement above) payable to Haywood Securities Inc.
Zone Grants Incentive Stock Options
Zone also announces that pursuant to its stock option plan, the Company has granted incentive stock options to its directors, officers, consultants, and employees to purchase in the total of 540,000 common shares in the capital stock of the company, subject to regulatory approval, exercisable for a period of five years, at a price of $0.125 per share.