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Zodiac Gold Increases Non-Brokered Private Placement Up to C$5.6 Million

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Zodiac Gold (ZAU.V), a West-African gold exploration company, increased the size of its non-brokered private placement up to $5.6 million, it said on Wednesday.

This is up from the original offering size of near $4 million and the previous increase to $5 million announced earlier, the company noted.

Zodiac Gold now intends to issue up to 17.143-million units at $0.35 apiece. Each unit will consist of one common share and one-half of one common share purchase warrant with each whole warrant entitling the holder to buy a share for a two-year period from the date of issuance, subject to acceleration, at an exercise price of $0.54 per share.

It is expected that certain directors and officers of the company may participate in the offering.

Proceeds will be used to expand the drill program at the Todi Gold project, advance exploration across its exploration licenses and for working capital needs. Closing of the private placement is expected on or about June 19, subject to some terms.

Shares were last seen down $0.01 at $0.32 on the TSX Venture Exchange.

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