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ScoZinc Announces an Additional Tranche of Its Oversubscribed $1,150,000 Non-Brokered Private Placement
Halifax, Nova Scotia--(Newsfile Corp. - May 26, 2020) - ScoZinc Mining Ltd. ( TSXV: SZM ) (" S...
About this update from Edm Resources Inc
[{"type":"text","content":"ScoZinc Announces an Additional Tranche of Its Oversubscribed $1,150,000 Non-Brokered Private PlacementHalifax, Nova Scotia--(Newsfile Corp. - May 26, 2020) - ScoZinc Mining Ltd. (TSXV: SZM) (\"ScoZinc\" or the \"Company\") is pleased to announce it has increased its non-brokered private placement.The President and CEO, Mr. Mark Haywood, stated: \"Following the oversubscribed private placement of last week, a number of investors were unable to participate in our offering due to the upper limits the Company had originally set on the equity financing. Despite the negative impact of the ongoing COVID-19 Pandemic, the investment interest we in fact received was well above our expectations and, having in mind the current market conditions, the Company believes it is prudent to expand its shareholder base and further increase the current private placement.\"ScoZinc has proposed to increase the size of its recently oversubscribed non-brokered private placement of units in the Company (\"Units\") at a price of C$0.30 per Unit, the previous tranches of which closed for aggregate proceeds of approximately $1,000,000 on May 22, 2020, as announced in the Company's news release of the same date (the \"Offering\"). 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$0.50 per Common Share for 24 months following the date of the issuance.The Company is increasing the size of the Offering by up to 500,000 additional Units for additional aggregate proceeds of up to C$150,000 as a third tranche (the \"Third Tranche\") of the Offering. All securities issued pursuant to the Offering are and 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 the Third Tranche. Such participation of the insiders in the Third Tranche would be considered 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 respect to the anticipated participation of the insiders, in the Third Tranche, ...