Mining News: News Nuggets: Insiders back US$1.5M Zazu financing

Zazu Metals Corp. May 8 reported completion of the final tranche of a US$1,497,800 million non-brokered private placement financing. In a second tranche, Zazu sold more than 3.46 million common shares of the company at US20 cents each for gross proceeds of US$692,800. Zebra Holdings and Investments S.a.r.l., a company controlled by a trust settled by the late Adolf H. Lundin, purchased more than 2.16 million of these shares. Zebra, which previously owned or controlled 8,860,280 Zazu shares, owns roughly 19.9 percent of the company’s issued and outstanding shares upon completion of the offering. Zazu Chairman and CEO Gil Atzmon bought 1 million of the shares offered in the second tranche. Atzmon, which previously owned or controlled 5,789,500 Zazu shares, owns roughly 12.3 percent of the company’s issued and outstanding shares upon completion of the offering. Zazu intends to use proceeds from the offering for development expenditures related to its Lik zinc-lead-silver project in Northwest Alaska and general working capital purposes.

- Shane Lasley