Zazu Metals Corporation (TSX:ZAZ) announced that it has closed the first tranche of a non-brokered private placement financing, which consisted of the sale of 4,025,000 common shares.

As quoted in the press release:

Tranche one of the Offering consisted of the sale of 4,025,000 common shares (“Common Shares”) of the Company at US$0.20 (or C$0.25) per Common Share for aggregate gross proceeds of US$805,000. Tranche two of the Offering is expected to close within 10 days.

The Common Shares issued pursuant to the Offering are subject to a statutory four month and one day hold period.

The Company intends to use the proceeds from the Offering for property development expenditures and general working capital purposes. Completion of the private placement is subject to regulatory approval.

About Zazu Metals:

Zazu is a Canadian-based exploration company with a 50 percent operating interest in the Lik zinc – lead – silver deposit in Northwest Alaska, which is large tonnage, high grade and potentially open pittable. Zazu completed a positive PEA in 2014 and has the exclusive right to obtain 80% of the property by meeting certain spending commitments by 2018.

Click here to read the Zazu Metals Corporation (TSX:ZAZ) press release
Click here to see the Zazu Metals Corporation (TSX:ZAZ) profile.