Business
ScoZinc Announces the Closing of the Third & Final Oversubscribed Tranche of Its C$1,150,000 Non-Brokered Private Placement
Halifax, Nova Scotia--(Newsfile Corp. - May 29, 2020) - ScoZinc Mining Ltd. ( TSXV: SZM ) ("...
About this update from Edm Resources Inc
[{"type":"text","content":"ScoZinc Announces the Closing of the Third & Final Oversubscribed Tranche of Its C$1,150,000 Non-Brokered Private PlacementHalifax, Nova Scotia--(Newsfile Corp. - May 29, 2020) - ScoZinc Mining Ltd. (TSXV: SZM) (\"ScoZinc\" or the \"Company\") is pleased to announce it has closed its third and final tranche of its non-brokered private placement.The President and CEO, Mr. Mark Haywood, stated: \"Due to overwhelming demand for our equity financing, we closed our private placement today, which was effectively sold out by 130%. We are now fully financed to conclude our previously announced Pre-Feasibility Study (\"PFS\") and to commence sourcing the capital required to re-start our Scotia Mine once the NI 43-101 Technical Report has been released. Although we eagerly await the results of the PFS, we recognise the severe disconnect between the implied replacement value of our fully permitted mine and mill at over C$100 million, and our current market capitalization of approximately C$7 million at the close of trading on the TSX.V today. We adamantly believe that the completion of a positive PFS will contribute to a re-rating of ScoZinc's valuation in the marketplace.\"The closing of this third and final tranche (the \"Third Tranche\") of the previously announced private placement on March 19, 2020, April 3, 2020, April 22, 2020, May 22, 2020 and May 26, 2020, for a non-brokered private placement of units of the Company (\"Units\") at C$0.30 per Unit, is for aggregate gross proceeds of up to C$1,150,000. 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 (the \"First Tranche\") closed on April 22, 2020 and consisted of the sale of 1,678,011 Units for gross proceeds of C$503,403.30, and the second tranche (the \"Second Tranche\") closed on May 22, 2020 and consisted of the sale of 1,645,368 Units for gross proceeds of C$493,610.40.The Third Tranche consisted of the sale of 509,954 units for the gross proceeds of C$152,986.20. The overall net proceeds of the Offering will be used to advance the development of the Company's Scotia Mine and for general corporate purposes. The Third Tranche, the Second Tranche and th...