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ScoZinc Announces the Closing of the First C$500,000 Tranche of a Non-Brokered Private Placement
Halifax, Nova Scotia--(Newsfile Corp. - April 22, 2020) - ScoZinc Mining Ltd. ( TSXV: SZM ) ("...
About this update from Edm Resources Inc
[{"type":"text","content":"ScoZinc Announces the Closing of the First C$500,000 Tranche of a Non-Brokered Private PlacementHalifax, Nova Scotia--(Newsfile Corp. - April 22, 2020) - ScoZinc Mining Ltd. (TSXV: SZM) (\"ScoZinc\" or the \"Company\") is pleased to announce the closing of the first tranche of a previously announced non-brokered private placement.The President and CEO, Mr. Mark Haywood, stated: \"ScoZinc is especially pleased with the support we have received from investors in this private placement over extremely challenging market conditions and a period of unprecedented world disruption. The capital raised enables the diligent continuance of our strategies to complete the Scotia Mine's first NI 43-101 Pre-Feasibility Study (\"PFS\"). Despite the difficult situations our personnel and independent experts are all facing due to the COVID-19 Pandemic, the teams remain focussed on finalizing the PFS in a matter of weeks.\"The closing of this first tranche (the \"First Tranche\") of the previously announced private placement on March 19, 2020 and April 3, 2020 for non-brokered private placement of units of the Company (\"Units\") at C$0.30 for aggregate gross proceeds of up to C$500,000, subject to the Company's option to increase the size of the private placement by up to an additional C$500,000 (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 a period of twenty-four (24) months.The First Tranche consisted in the sale of 1,678,011 units for the gross proceeds of C$503,403.30. The Company exercised its overallotment option and expects to close subsequent tranches of the Offering in the coming weeks. The net proceeds of the Offering will be used to advance the development of the Company's Scotia Mine and for general corporate purposes.In connection with the First Tranche, the Company has paid C$12,950.07 in cash compensation and issued 43,167 compensation warrants (the \"Compensation Warrants\") to eligible finders for their assistance with the First Tranche. Each Compensation Warrant is exercisable into a Common Share for a period of twenty-four (24) months. All securities issued pursuant to the Offering will be subject to a four month and one day hold perio...