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Zephyr Minerals Ltd set to raise up to $1mln for Colorado gold project

The net proceeds will also be used for general working capital purposes
Zephyr Minerals Ltd set to raise up to $1mln for Colorado gold project
A PEA showed a pre-tax IRR (internal rate of return) of 66% and net present value of $46.7 million and a 2.4 year payback of initial capital

Zephyr Minerals Ltd (CVE: ZFR) plans to raise up to $1mln via a placing to advance its flagship Dawson gold project in Colorado, USA.

It will issue over 3.57 million at a price of $0.28 each.

Each unit will consist of company share and one half of a share purchase warrant.

These will entitle the holder to purchase one share at a price of $0.42 for a 24-month period.

The net proceeds will also be used for general working capital purposes, the gold project developer said.

Zephyr  is a gold company focused on advancing its flagship Dawson Gold Project in Colorado, USA.

After completing a positive PEA (preliminary economic assessment), Zephyr is continuing to advance the project though permitting, additional exploration as well as further engineering work with a plan to develop a high grade, low cost underground gold mine.

A PEA showed a pre-tax IRR (internal rate of return)  of 66% and net present value of $46.7 million and a 2.4 year payback of initial capital.

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