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ScoZinc Completes $397,500 Non-Brokered Private Placement
COOKS BROOK, Nova Scotia, Feb. 13, 2018 (GLOBE NEWSWIRE) -- ScoZinc Mining Ltd. (TSX-V:SZM) (“ScoZinc” or the “Company”) is pleased to announce that it has comp
About this update from Edm Resources Inc
[{"type":"text","content":"COOKS BROOK, Nova Scotia, Feb. 13, 2018 (GLOBE NEWSWIRE) -- ScoZinc Mining Ltd. (TSX-V:SZM) (“ScoZinc” or the “Company”) is pleased to announce that it has completed a non-brokered private placement financing for aggregate gross proceeds of C$397,499.50 (the \"Offering\"). The Offering consisted of the sale of 264,999 common shares (“Common Shares”) at a price of C$1.50 per Common Share. The securities issued pursuant to the Offering will be subject to a four month and one-day statutory hold period. ScoZinc intends to use the net proceeds from the Offering primarily to prepare for the restart of operations at its 100%-owned ScoZinc mine in Nova Scotia, and for general working capital purposes. Related Party Transaction Mr. Joseph Ringwald, the President and Chief Executive Officer of the Company is an “insider” of the Company and participated in the Offering. The acquisition of 35,000 common shares by Mr. Ringwald in connection with the Offering is considered a \"related party transaction\" pursuant to Multilateral Instrument 61-101- Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company is relying on the exemption from minority shareholder approval requirements set out in MI 61-101 as the fair market value of the participation in the Offering by Mr. Ringwald does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101. About ScoZinc Mining Ltd. ScoZinc is an established Canadian-based zinc and lead exploration and development company that owns the ScoZinc Mine and related facilities near Halifax, Nova Scotia which is currently on care and maintenance. The Company intends to restart operations as soon as possible. The Company has a strong working capital position and no debt. The Company has 4,216,044 common shares outstanding, following the closing of the private placement, which are traded on the TSX Venture Exchange under the symbol “SZM”. For more information, please contact: Mr. Joseph Ringwald – President and CEO Telephone: +1 (604) 347-7661 [email protected] Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accurac...