Zeus North America Mining Corp. Has repriced a $2 million private placement, offering up to 20 million units at $0.10 per unit, the company announced Tuesday. Each unit consists of one common share and a half-warrant, exercisable at $0.15 per share for two years.
The funds raised will be directed towards exploration activities in Idaho and Nevada, including the Cuddy Mountain project and for general working capital purposes. The financing remains subject to regulatory and stock exchange approval, according to a company statement.
Concurrent with the financing, Zeus North America Mining plans to implement a 2-for-1 consolidation of its common shares, pending regulatory approval. This consolidation is expected to reduce the number of outstanding shares to approximately 43,726,249 post-consolidation. The company has not yet announced a specific date for the share consolidation.
The repriced placement offers investors one common share and one-half of a warrant for each $0.10 invested. The warrants allow holders to purchase additional shares at $0.15 each over a two-year period. All securities issued in the placement will be subject to a standard four-month and one-day resale restriction.