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InZinc Mining Announces $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 16, 2019 (GLOBE NEWSWIRE) -- InZinc Mining Ltd. (TSX-V: IZN) (the “Company”) announces it intends to complete a non-brokered private placement (the “Financing”) of up to 5,500,000 units (the “Units”) at a price of $0.05 per Unit for aggregate gross proceeds of up to $275,000. Each Unit will consist 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 will entitle its holder to acquire one Common Share at an exercise price of $0.10 for a period of 24 months from completion 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. Dundee Goodman Merchant Partners 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 Finders a fee of 6% in cash and 6% in Warrants (the “Finder’s Warrants”). Each Finder’s Warrant will entitle the Finders 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. Closing of the Financing is expected to occur on or before May 27th, 2019 and is subject to all regulatory approvals, including the approval of the TSX Venture Exchange. The securities issued in connection with the Financing will be subject to a four-month hold period from the date of closing in accordance with applicable securities legislation. About InZincInZinc 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 under...