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ScoZinc Mining Announces Corporate Changes and Closing of the First Tranche of a $1,000,000 Private Placement
COOKS BROOK, Nova Scotia, Aug. 21, 2019 (GLOBE NEWSWIRE) -- ScoZinc Mining Ltd. (TSX-V: SZM) (“ScoZinc” or the “Company”) is pleased to announce that Mr. Ashwat
About this update from Edm Resources Inc
[{"type":"text","content":" COOKS BROOK, Nova Scotia, Aug. 21, 2019 (GLOBE NEWSWIRE) -- ScoZinc Mining Ltd. (TSX-V: SZM) (“ScoZinc” or the “Company”) is pleased to announce that Mr. Ashwath Mehra has joined the Board of Directors and Mr. Mark Haywood has been appointed the President and Chief Executive Officer of the Company, both effective August 20, 2019. On behalf of the Board of Directors, the Chairman of the Board, Mr. Victor Lazarovici stated that “We are very pleased to welcome Mr. Ashwath Mehra as an independent director, and Mr. Mark Haywood as our new President and Chief Executive Officer. Both gentlemen bring considerable operations and financing experience to ScoZinc, and Mr. Mehra is also a significant shareholder of the Company. We would also like to thank Mr. Joe Ringwald for his many years of diligent service to ScoZinc during often difficult times.” The new President and CEO, Mr. Mark Haywood, stated that “After completing an extensive due diligence on the Company and its Nova Scotia Mine, I am of the view that ScoZinc is highly undervalued in the market place with a market capitalization of just under C$2.5 million. With its large fully permitted mine and mill (currently on care and maintenance) in a strategic position just a short distance from Halifax International Airport and an all season international port facility, a recent positive Preliminary Economic Study, and nearby exploration prospects for potential high-grade mill feed, we believe that the development and implementation of certain initiatives will significantly improve the Company’s outlook. I would also like to thank Joe for his transition assistance, and I am pleased that he has also agreed to continue to support the Company as a shareholder and an advisor to new management.” In addition, the Company has completed the first tranche (“First Tranche”) of a non-brokered private placement for the gross proceeds of C$1,000,000 (the \"Offering\") as previously announced on August 14, 2019 and August 16, 2019. The Offering is being conducted through the sale of 2,500,000 units of the Company (“Units”) at a price of C$0.40 per Unit, where each Unit consists of one common share (“Common Share”) and one Common Share purchase war...