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ScoZinc Mining Completes $550,000 Non-Brokered Private Placement
COOKS BROOK, Nova Scotia, April 10, 2019 (GLOBE NEWSWIRE) -- ScoZinc Mining Ltd. (TSX-V: SZM) (“ScoZinc” or the “Company”) is pleased to announce that it has co
About this update from Edm Resources Inc
[{"type":"text","content":" COOKS BROOK, Nova Scotia, April 10, 2019 (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$550,000 (the \"Offering\"). The Offering consisted of the sale of 1,100,000 Units at a price of C$0.50 per Unit where a Unit consists of one common share (“Common Share”) and one half of a Common Share purchase warrant, with each full warrant exercisable at a price of $0.75 per Common Share for 24 months following the closing of the Offering (“Warrants”). The Offering is subject to the final approval of the TSXV. The securities issued pursuant to the Offering are 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 (the “ScoZinc Mine”), and for general working capital purposes. In connection with the Offering the Company compensated eligible institutional finders for their assistance with the Offering by paying an aggregate cash fee of $18,500 and issuing to the finders 37,000 compensation warrants in the aggregate, with each finders’ compensation warrant exercisable into a Common Share at the price of $0.75 per Common Share for 24 months following closing. 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 are 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 6,366,045 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] CAUTIONARY STATEMENTS Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this news release. This News Release includes certain forward-looking statements which are not com...