12:41 PM EDT, 06/01/2018 (MT Newswires) -- Zenyatta Ventures (ZEN.V) said was 7% after the junior-mining company said Friday a private placement is oversubscribed and will more than the expected $500,500, while a shares-for-debt transaction cleared $99,015 from its balance sheet. It also said its chief financial officer has resigned.

The company said the private placement, originally expected to sell 910,000 units priced at $0.55, had drawn more interest that expected and Zenyatta will issue more units to meet demand. However it did not estimate how more it expects to raise.

As well, it issued 180,027 shares to settle a debt it said was owed to various creditors.

Zenyatta also said it will begin a search for a new chief financial officer after Thomas Mustapic left the company. It gave no reason for his departure.

The company's shares were up $0.04 to $0.61 at last look on the TSX Venture Exchange

Price: 0.61, Change: +0.04, Percent Change: +7.02