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InZinc Mining Announces Closing of $275,000 Private Placement
(all dollars in Canadian Dollars) THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. VANCOU
About this update from Inzinc Mining Ltd.
[{"type":"text","content":" (all dollars in Canadian Dollars) THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. VANCOUVER, British Columbia, May 29, 2019 (GLOBE NEWSWIRE) -- InZinc Mining Ltd. (TSX-V: IZN) (the “Company”) announces it has closed a non-brokered private placement (the “Financing”) for gross proceeds of $275,000. The Financing, announced May 16, 2019, consists of 5,500,000 units (the “Units”) at a price of $0.05 per Unit. Each Unit consisted of one common share (a “Common Share”) of the Company and one-half of one common share purchase warrant (each whole share purchase warrant, a “Warrant”). Each full Warrant entitles its holder to acquire one Common Share at an exercise price of $0.10 for a period of 24 months from closing of the Financing. The Company can accelerate the expiry date of the Warrants at any time following four months after the closing date by giving notice to the holder if the Common Shares trade at or above $0.20 for 10 consecutive trading days at which time the Warrants will expire on the 30th day after the date on which such notice was given. Dundee Goodman Merchant Partners, an arm’s length party to the Company (the “Finder”), acted as the finder in connection with the Financing. The Company paid the Finder a fee of 6% in cash and 6% in Warrants (the “Finder’s Warrants”). Each Finder’s Warrant entitles the Finder to acquire one Common Share at an exercise price of $0.05 for a period of 24 months. The net proceeds from the Financing will be used to expand programs at the Company’s Indy exploration project in BC, where near-surface mineralization was discovered in 2018 and new, large exploration targets are emerging and general corporate purposes. The securities issued in connection with the Financing are subject to a four-month hold period from the date of closing in accordance with applicable securities legislation. About InZinc InZinc is focused on growth in zinc through exploration and expansion of the advanced stage West Desert project (100%) in Utah and exploration of the early stage Indy project (100% option) in British Columbia. West Desert has a large underground resource open for expansion and has district scale exploration potential. A West Desert preliminary economic assessment completed in 2014 forecasted 1.6 billion pounds of zin...