International Zeolite Closes First Tranche of Private Placement
Vancouver, October 22, 2021 - International Zeolite Corp. (TSXV: IZ) (OTC PINK: IZCFF) (FSE: ZEON) (the "Company"), an international marketer and supplier of natural zeolite and zeolite products, is pleased to announce that it has closed the first tranche (the "First Tranche") of its non-brokered private placement (the "Offering") previously announced on Ocrtober 1, 2021. Under the First Tranche, the Company has issued 2,137,500 units ("Units") for gross proceeds of $342,000.
Each Unit issued pursuant to the First Tranche consists of one common share of the Company (each, a "Common Share") and one half of one common share purchase warrant (each, a "Warrant"). Each whole Warrant issued pursuant to the First Tranche will be exercisable into one Common Share at a price of $0.24 until October 22, 2022.
The purchase of Units under the First Tranche of the Offering by Ray Paquette (Chief Executive Officer of the Company) constituted a "related party transaction" as such term is defined by Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company was exempt from the MI 61-101 valuation and minority approval requirements for related party transactions in connection with the Offering under sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves Mr. Paquette, exceeds 25% of the Company's market capitalization (as determined under MI 61-101).
All securities issued under this private placement are subject to a hold period expiring February 23, 2022, in accordance with applicable securities laws and the policies of the TSX Venture Exchange.
This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. These securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons unless registered or exempt therefrom.
On Behalf of the Board
President & CEO
For further information, please visit www.internationalzeolite.com.
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Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to future expenditures. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the ability to complete contemplated work programs and the timing and amount of expenditures. International Zeolite does not assume the obligation to update any forward-looking statement. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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