THUNDER BAY, ON--(Marketwired - June 13, 2016) -

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Zenyatta Ventures Ltd. ("Zenyatta" or "Company") (TSX VENTURE: ZEN) announces that it has completed its previously announced rights offering, which expired on June 10, 2016. The rights offering was fully subscribed, and raised approximately $2,945,000 in gross proceeds.

The Company issued an aggregate of 3,930,268 common shares at $0.75 per share (1,410,484 common shares pursuant to the basic subscription privilege, 1,040,091 common shares pursuant to the additional subscription privilege and 1,479,693 common shares pursuant to the stand-by agreement).

After completion of the rights offering, there were 62,884,284 common shares outstanding. In consideration for providing the stand-by commitment, the stand-by purchasers were granted 982,567 common share purchase warrants which amount is equal to 25% of the 3,930,268 stand-by shares they agreed to purchase under the stand-by commitment. Each whole stand-by warrant entitles the holder to acquire one common share for $0.83 until June 11, 2018.

Zenyatta intends to use the net proceeds of the Rights Offering to further the positive market and business development program initiated over a year ago for validation of Albany graphite in high purity graphite applications. This will include production of additional high purity Albany graphite samples for testing by end-users, academic labs and third party testing facilities in Europe, North America and Asia under confidentiality agreements. Production of samples will also provide added insights into the scale up of the purification process with optimization analysis and potentially associated cost reductions. Many of these organizations were provided a small amount of purified graphite material. These tested samples provided a good initial assessment and guidance for the potential of Albany graphite for various applications that included batteries, fuel cells, powder metallurgy and graphene. The positive feedback concluded that additional samples for scaled up testing is an important step for further development of Zenyatta's Albany graphite material as a substitute for existing synthetic graphite in use today.

To find out more on Zenyatta Ventures Ltd., please visit website www.zenyatta.ca.

CAUTIONARY STATEMENT: Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward looking information and Zenyatta cautions readers that forward looking information is based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of Zenyatta included in this news release. This news release includes certain "forward-looking statements", which often, but not always, can be identified by the use of words such as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". These statements are based on information currently available to Zenyatta and Zenyatta provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements with respect to Zenyatta's future plans, objectives or goals, to the effect that Zenyatta or management expects a stated condition or result to occur, including the expected timing for release of a pre-feasibility study, the expected uses for graphite in the future, and the future uses of the graphite from Zenyatta's Albany deposit. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of metallurgical processing, ongoing exploration, project development, reclamation and capital costs of Zenyatta's mineral properties, and Zenyatta's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as, but are not limited to: failure to convert estimated mineral resources to reserves; the preliminary nature of metallurgical test results; the inability to identify target markets and satisfy the product criteria for such markets; the inability to complete a prefeasibility study; the inability to enter into offtake agreements with qualified purchasers; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; political risks; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets, inflation, changes in exchange rates; fluctuations in commodity prices; delays in the development of projects; capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry; and those risks set out in Zenyatta's public documents filed on SEDAR. This list is not exhaustive of the factors that may affect any of Zenyatta's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on Zenyatta's forward-looking statements. Although Zenyatta believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Zenyatta disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.