Toronto, Ontario--(Newsfile Corp. - June 3, 2021) - This press release is being disseminated as required by National Instrument 62‐103 in connection with the filing of an Early Warning Report regarding the acquisition of securities of Zonetail Inc. (the "Company") (TSXV: ZONE) (OTCQB: ZTLLF) having its head office at 70 University Avenue, Suite 1460, Toronto, Ontario, M5J2M4.
On June 1, 2021, Paul Scott (the "Acquiror"), a director of the Company, of 2044 Monterey Road, South Pasadena, CA, USA, 92030, announces he sold (the "Sale") 6,250,000 common shares of the Company (the "Common Shares") at a price of $0.06 per share.
The Acquirer, also announces that on June 2, 2021, he has purchased 7,500,000 common shares of the Company on exercise of warrants of the Company (the "Warrant Shares") that he acquired from the Company's Private Placement on June 2, 2020 (the "Acquisition") at a purchase price of $0.05 per Warrant Share. Immediately prior to the Sale and the Acquisition, the Acquiror held 21,673,948 common shares of the Company representing approximately 13.13% of the issued and outstanding shares of the Company. Following the Sale and Acquisition, the Acquiror held 22,923,948 common shares, representing approximately 13.29% of the issued and outstanding shares of the Company.
The Warrant Shares were acquired for investment purposes only and not for the purpose of exercising control or direction over the Company. The Acquiror may, from time to time, increase or decrease his shareholding or continue to hold common shares of the Company as he may determine appropriate in the normal course of investment activity. In the future, the Acquiror may, directly or indirectly, acquire additional common shares of the Company or dispose of such shares subject to a number of factors, including, without limitation, general market and economic conditions and other investment and business opportunities available.
For further information and to obtain a copy of the early warning report filed under applicable Canadian provincial securities legislation in connection with the transactions hereunder, please go to the Company's profile on the SEDAR website (www.sedar.com), or contact Errol Farr at 647-296-1270.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release nor have they approved nor disapproved the content thereof.
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