Zacapa Resources Ltd. announced a non-brokered private placement of 40,000,000 units at a price of CAD 0.05 per unit for total gross proceeds of CAD 2,000,000 on May 23, 2023 . Each unit will be comprised of one common share and one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one common share at a price of CAD 0.075 for a period of 36 months following the closing date of the transaction.

It is anticipated that the directors of the company will subscribe for units in the transaction. Finder's fees of 6% will be payable in accordance with the policies of the TSX Venture Exchange. The closing of the transaction is subject to receipt of all necessary regulatory approvals including the TSX Venture Exchange.

The unit shares, warrant shares and any common shares that are issuable from any finder's warrants will be subject to a hold period of four months in accordance with applicable securities laws.