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ScoZinc Mining Completes $500,000 Non-Brokered Private Placement With MRI Trading AG
COOKS BROOK, Nova Scotia, July 18, 2018 (GLOBE NEWSWIRE) -- ScoZinc Mining Ltd. (TSX-V:SZM) (“ScoZinc” or the “Company”) is pleased to announce that it has comp
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[{"type":"text","content":" COOKS BROOK, Nova Scotia, July 18, 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$500,000 (the \"Offering\") with MRI Trading AG (“MRI”). The Offering consisted of the sale of 500,000 units ( the “Units”) at a price of C$1.00 per Unit, with each Unit comprised of one common share (the “Common Shares”) and one common share purchase warrant exercisable for two years at a price of $1.50 per Common Share ( the “Warrants”). Each Warrant will be exercisable upon 61 days notice by MRI to the Company. The securities issued pursuant to the Offering will be subject to a four month and one-day statutory hold period. The Offering is the first phase of the MRI financing announced in the Company’s news release dated 3 April 2018 wherein MRI will provide a total of CAD$15M (CAD$14M debt and CAD$1M equity, subject to conditions precedent) for restarting operations at the Company’s 100%-owned ScoZinc Operation in Nova Scotia. ScoZinc intends to use the net proceeds from the Offering primarily for the procurement of long lead-time equipment in preparation for the restart of operations. The securities offered have not been registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or applicable state securities laws, and may not be offered or sold to persons in the United States absent registration or an exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including final approval of the TSX Venture Exchange and applicable securities regulatory authorities. 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...