Business
ScoZinc Announces a Private Placement
Halifax, Nova Scotia--(Newsfile Corp. - March 19, 2020) - ScoZinc Mining Ltd. ( TSXV: SZM )...
About this update from Edm Resources Inc
[{"type":"text","content":"ScoZinc Announces a Private PlacementHalifax, Nova Scotia--(Newsfile Corp. - March 19, 2020) - ScoZinc Mining Ltd. (TSXV: SZM) (\"ScoZinc\" or the \"Company\") is pleased to announce a non-brokered private placement for aggregate gross proceeds of up to C$500,000.The President and CEO, Mr. Mark Haywood, stated: \"We are very pleased to provide an opportunity for qualified investors to participate in our scheduled private placement designed to complete additional de-risking work necessary for our NI 43-101 Pre-Feasibility Study.\"\"Since our private placement in August of last year, we have almost doubled our Scotia Mine's mineral resources as announced on 18th December 2020, cleared all extensive past debts of the Company, and assembled a quality mine site team focused on producing, with our independent experts, the Scotia Mine's first Pre-Feasibility Study (\"PFS\").\"\"The Company is also pleased to report that the PFS is progressing well, with indications of a longer mine life and improved economics for the Scotia Mine, even in the current environment of lower commodity prices and high concentrate treatment charges.\"The Company has proposed to complete a non-brokered private placement of units of the Company (\"Units\") for aggregate proceeds of up to C$500,000 (the \"Offering\"). The Offering consists of the sale of up to 1,250,000 Units at a price of C$0.40 per Unit. Each Unit consists of one common share of the Company (a \"Common Share\") and a Common Share purchase warrant (a \"Warrant\"). Each full Warrant is exercisable into a Common Share at a price of C$0.55 per Common Share for 24 months following the closing of the Offering. The Company shall have the opportunity to increase the size of the Offering by up to an additional C$500,000. All securities issued pursuant to the Offering will be subject to a four month and one day hold period applicable under Canadian securities laws.Certain directors, officers and other insiders of the Company are expected to acquire securities under Offering. Such participation of the insiders in the Offering would be considered to be a \"related party transaction\" as such term is defined in Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company intends to rely on certain exemptions available under MI 61-101 in respe...