Zodiac Gold Increases Financing to C$5.6 Million for Liberia Gold Mine Expansion

en.Wedoany.com Reported - Zodiac Gold (TSX-V:ZAU) has increased its non-brokered private placement to C$5.6 million (US$5.66 million) to expand drilling and exploration activities at the Todi Gold Project in Liberia.

The company initially announced a C$4.03 million financing on June 4, increased it to C$5 million on June 9, and now plans to raise up to C$5.6 million by issuing up to 17.14 million units at C$0.35 per unit. Each unit consists of one common share and half a warrant, with a full warrant exercisable at C$0.54 within 24 months of issuance.

The warrants include an acceleration clause: if the volume-weighted average trading price exceeds C$0.65 for 30 consecutive days after four months, holders will receive a 30-day exercise notice before expiration.

Zodiac Gold plans to use the funds to expand drilling, advance exploration activities within its license areas, and supplement working capital. The company expects to close the offering around June 19, subject to regulatory approvals and customary conditions. Directors and officers may participate in the offering, which constitutes a related party transaction under Multilateral Instrument 61-101.

Zodiac Gold focuses on its flagship Todi Gold Project, located along the Todi Shear Zone in Liberia, covering an area of 2,316 square kilometers.

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