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ScoZinc Mining Updates on C$1,000,000 Non-Brokered Private Placement
COOKS BROOK, Nova Scotia, Aug. 16, 2019 (GLOBE NEWSWIRE) -- ScoZinc Mining Ltd. (TSX-V: SZM) (“ScoZinc” or the “Company”) wishes to provide an update to its pre
About this update from Edm Resources Inc
[{"type":"text","content":" COOKS BROOK, Nova Scotia, Aug. 16, 2019 (GLOBE NEWSWIRE) -- ScoZinc Mining Ltd. (TSX-V: SZM) (“ScoZinc” or the “Company”) wishes to provide an update to its previously announced August 14, 2019 news release regarding a non-brokered private placement financing for aggregate gross proceeds of C$1,000,000 (the \"Offering\"). The Offering will be conducted through the sale of units of the Company (“Units”) at a price of C$0.40 per Unit. Each Unit shall consist of one common share of the Company (“Common Share”) and one Common Share purchase warrant (a “Warrant”), with each full warrant exercisable into a Common Share at a price of $0.55 per Common Share for 24 months following the closing of the Offering. Holders of Warrants shall be restricted from exercising any number of Warrants that will cause the holder to own such number of Common Shares that will equal or exceed 20% of the then issued and outstanding Common Shares. The Company shall have the option to increase the size of the Offering by an additional C$300,000. It is anticipated that following the completion of the now fully allocated first tranche of the Offering for the gross proceeds of $500,000, which is expected to close in the coming days, Mr. Ashwath Mehra will be appointed as a new independent director of the Company, and Mr. Mark Haywood will be appointed as the President and Chief Executive Officer of the Company. The Company will make a further announcement upon these appointments becoming effective. The Offering is subject to the 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. Pursuant to the Company’s Stock Option Plan, the Board of Directors has granted certain consultants to the company a total of 65,000 Stock Options at an exercise price of C$0.45 each. All Options are fully vesting on completion of the first tranche of the Offering and have a term of 5 years. 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 whic...