Zonetail Amends Terms of Private Placement, Closes $203,800
Toronto, Canada -- March 27, 2025 -- NewsGenie -- Zonetail Inc. (TSXV:ZONE, OTCPinks:ZTLLF) has announced an amendment to the terms of its non-brokered private placement of Series A 20% secured notes. The company successfully closed $203,800 of the notes, with insiders subscribing for $115,500, representing 57% of the offering.
The amendment includes a plan to request noteholders to defer the first and second year's interest payments and extend the maturity of the notes to April 2026. The deferred amount will accrue interest at a rate of 20% per annum.
Additionally, Zonetail issued 4,076,000 warrants with the notes, each exercisable for one common share at $0.05. The company has applied to the TSX Venture Exchange to extend the warrant expiry period by one year to April 2026.
The insider participation in the offering is considered a related party transaction under TSXV Policy 5.9 and Multilateral Instrument 61-101. Zonetail is relying on exemptions from valuation and minority shareholder approval requirements.
Zonetail Inc. operates a mobile platform and market network designed to connect high-rise residents with products, amenities, and services. The company aims to establish a substantial user base within the high-rise residential sector through its mobile market network model.