November 12, 2020 - TheNewswire - Vancouver, British Columbia - Zidane Capital Corp. (TSXV:ZZE.H) (“Zidane”), a capital pool company pursuant to TSX Venture Exchange Policy 2.4 – Capital Pool Companies (the “CPC Policy”), is pleased to announce the closing of the non-brokered private placement of 4,000,000 common shares (the “Private Placement”) previously announced on May 29th, 2020 at a price of $0.05 per common share for gross proceeds of $200,000. Post financing, Zidane has 5,225,276 common shares issued and outstanding.

 

The proceeds will be used to pay outstanding liabilities of Zidane, including repayment of a $125,000 loan to an officer of Zidane, and for working capital purposes.

 

An officer of Zidane purchased 500,000 common shares in the Private Placement  (the “Escrowed Shares”). Zidane has relied on the exemption provided in MI 61-101 s. 5.5(b) and 5.5(g) as it relates to an exemption from the formal valuation and on MI 61-101 s. 5.7(b) as it relates to an exemption from shareholders’ approval requirements. The Escrowed Shares have been placed into escrow pursuant to the CPC Policy and will be released upon closing of a qualifying transaction in accordance with the CPC Policy.

 

All common shares issued to the placees under the Private Placement are subject to a four-month hold period expiring on March 13, 2021 pursuant to applicable Canadian securities legislation and stock exchange policy.

 

No commission or finder’s fees were paid in connection the Private Placement.

 

Zidane is also pleased to provide an update on its legal action with Hydrx Farms Ltd. The parties have not completed the discovery phase at this point and accordingly the trial scheduled for January 2021 has been adjourned. A new trial date will be set once the discovery phase is completed.

 

Further Information

For further information, please contact:

Casper Bych, Chief Executive Officer, Zidane Capital Corp.

Telephone:        604.417.6375

Email:                 casper@mvcap.ca

 

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