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Fireweed Zinc Announces Increase to Previously Announced Offering to $12 Million
VANCOUVER, British Columbia, April 04, 2022 (GLOBE NEWSWIRE) -- FIREWEED ZINC LTD. (“Fireweed” or the “Company”) (TSXV: FWZ; OTCQB: FWEDF; FSE: 20F) is pleased
About this update from Fireweed Metals Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, April 04, 2022 (GLOBE NEWSWIRE) -- FIREWEED ZINC LTD. (“Fireweed” or the “Company”) (TSXV: FWZ; OTCQB: FWEDF; FSE: 20F) is pleased to announce that its previously announced financing has been substantially oversubscribed due to strong investor interest, and the non-brokered private placement (the “Offering”) has been increased to aggregate gross proceeds of up to $12.063 million. The Offering will now consist of up to 7,050,000 common shares of the Company at a price of CAD$0.70 per share and 7,200,000 flow-through common shares of the Company at a price of CAD$0.99 per share (“Flow-Through Shares”) for total proceeds of up to $12,063,000. Fireweed CEO Brandon Macdonald stated, “I have been blown away by the demand for this placement. We made the hard choice to cut back some orders with an eye to keeping dilution under control while still improving our treasury. This is a big year for us, and I'm thankful for the runway to execute our plan to carry us through to a game-changing resource update and PEA.” The proceeds from the Offering will be used for exploration and development of the Company’s Macmillan Pass Project in Yukon, Canada, and for general working capital purposes. The gross proceeds from the issuance of all Flow-Through Shares will be used to incur Canadian Exploration Expenses (“CEE”) and will qualify as “flow-through mining expenditures” under the Income Tax Act (Canada), which will be renounced to the purchasers of Flow-Through Shares with an effective date no later than December 31, 2022 in an aggregate amount no less than the proceeds raised from the issue of the Flow-Through Shares. Closing of the Offering is subject to certain customary conditions, including, but not limited to, the receipt of all necessary regulatory approvals and acceptance of the TSX Venture Exchange. All securities issued under the Offering will be subject to a statutory hold period of four months plus a day following the date of closing. The Company may pay finder’s fees on a portion of the Offering, subject to compliance with the policies of the TSX Venture Exchange and applicable securities legislation. About Fireweed Zinc Ltd. (TSXV: FWZ) Fireweed Zinc is a public mineral exploration company focused on zinc-lead-silver and managed by a veteran team of mining industry professionals. The Company is advancing...