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InZinc Mining Announces C$2 Million Private Placement
VANCOUVER, British Columbia, Nov. 17, 2017 (GLOBE NEWSWIRE) -- InZinc Mining Ltd. (TSXV:IZN) (the “Company”) is pleased to announce that it intends to complete
About this update from Inzinc Mining Ltd.
[{"type":"text","content":"VANCOUVER, British Columbia, Nov. 17, 2017 (GLOBE NEWSWIRE) -- InZinc Mining Ltd. (TSXV:IZN) (the “Company”) is pleased to announce that it intends to complete a non-brokered private placement (the “Financing”) of up to 20,000,000 units (the “Units”) at a price of $0.10 per Unit for aggregate proceeds of up to $2.0 million. Each Unit will consist of one common share (a “Common Share”) of the Company and one-half of one common share purchase warrant (a “Warrant”). Each full Warrant will entitle its holder to acquire one Common Share at an exercise price of $0.15 for a period of 24 months from completion of the Financing. Red Cloud Klondike Strike Inc. and other parties at arm’s length to the Company (collectively, the “Finders”) will act as the finders in connection with the Financing. The Company will pay the Finder’s a fee of 7% in cash and 7% in Warrants (the “Finder’s Warrants”). Each Finder’s Warrant will entitle the Finder’s to acquire one Common Share at an exercise price of $0.15 for a period of 24 months. The net proceeds from the Financing will be used for advancement of the Company’s exploration projects and for general corporate purposes. Certain insiders of the Company intend to participate in the Financing. The issuances of Units to insiders of the Company pursuant to the Financing will be considered related party transactions within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company intends to rely on exemptions from the formal valuation and minority approval requirements in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of such insider participation, based on a determination that the fair market value of the participation in the Financing by insiders will not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101. The Company expects to file a material change report in respect of the related party transaction less than 21 days prior to the closing of the Financing, which the Company deems reasonable in the circumstances so as to be able to avail itself of the proceeds of the Financing in an expeditious manner. Closing of the Financing is expected to occur on or before December 7, 2017 and is subject to all regulatory approvals, includin...