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ScoZinc Announces the Oversubscribed Closing of Its Non-Brokered $1,000,000 Private Placement
Halifax, Nova Scotia--(Newsfile Corp. - May 22, 2020) - ScoZinc Mining Ltd. ( TSXV: SZM ) (" S...
About this update from Edm Resources Inc
[{"type":"text","content":"ScoZinc Announces the Oversubscribed Closing of Its Non-Brokered $1,000,000 Private PlacementHalifax, Nova Scotia--(Newsfile Corp. - May 22, 2020) - ScoZinc Mining Ltd. (TSXV: SZM) (\"ScoZinc\" or the \"Company\") is pleased to announce the closing of its second and oversubscribed tranche of a previously announced non-brokered private placement.The President and CEO, Mr. Mark Haywood, stated: \"The Company is overwhelmed with the additional investor support from insiders and new strategic investors. Despite world disruptions due to the COVID-19 Pandemic, our private placement equity raise is oversubscribed by more than double our minimal financing needs and places the Company in a very strong financial position to continue executing its business strategies. Our independent experts are focussed on completing the Scotia Mine's first Pre-Feasibility Study, with a NI 43-101 Technical Report to be released in the coming weeks. We believe this to be excellent timing for the return of confidence in the world markets and the demand for Zinc and Lead which our Scotia Mine can produce within a relatively short time frame.\"The closing of this second tranche (the \"Second Tranche\") of the previously announced private placement on March 19, 2020, April 3, 2020 and April 22, 2020 for a non-brokered private placement of units of the Company (\"Units\") at C$0.30 per Unit, 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 Second Tranche consisted in the sale of 1,645,368 units for the gross proceeds of C$493,610.40. The Company exercised its overallotment option. 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 Second Tranche, the Company has paid C$9,954.30 in cash compensation and issued 13,181 compensation warrants (the \"Compensation Warrants\") to eligible finders for their assistance with the Second Tranche. Each Compensation Warrant is exerc...