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InZinc Receives Final Payment of $2.7 Million and 13 Million Shares as West Desert Option Agreement Closes
Vancouver, British Columbia--(Newsfile Corp. - December 7, 2021) - InZinc Mining Ltd. (TSXV: ...
About this update from Inzinc Mining Ltd.
[{"type":"text","content":"InZinc Receives Final Payment of $2.7 Million and 13 Million Shares as West Desert Option Agreement ClosesVancouver, British Columbia--(Newsfile Corp. - December 7, 2021) - InZinc Mining Ltd. (TSXV: IZN) (\"InZinc\" or the \"Company\") is pleased to announce the closing of the West Desert Option Agreement with American West Metals Ltd. (\"American West\"). InZinc has now received all required payments and American West has earned a 100% interest in the West Desert project. In addition to the initial payments of US$ 625,000 received, additional final payments to InZinc consisted of:CDN $1,000,000 cash;US $1,225,000 cash;13,385,000 shares (approximately CDN $2,430,000 in value) of American West; and US $96,577 cash as reimbursement of the surety bond for the West Desert project.American West has received conditional approval to list on the Australian Securities Exchange under the ticker symbol ASX:AW1, subject to close of the West Desert option and other conditions precedent.InZinc will receive 50% of the revenue from the sale of indium mined from the West Desert project determined on a Net Smelter Return (\"NSR\") basis. American West will have the right to reduce the NSR to 25% by paying InZinc US $5,000,000 in cash at any time prior to the first sale of indium from the West Desert project. \"We would like to congratulate American West on its successful IPO funding and upcoming listing on the Australian Securities Exchange and, as a significant shareholder of American West, we look forward to the exploration activities on its portfolio of zinc-copper projects in North America,\" commented Wayne Hubert, CEO of InZinc. \"The coming years will be tremendously exciting for InZinc as we are now very well positioned to plan initial drill testing on the 8.2 km of new, accessible base and precious metal targets at Indy in central British Columbia.\"About American West American West is a progressive mining company focused on developing mines that have a low-footprint and support the global energy transformation. American West has acquired interests in the following three polymetal / base metal projects in North America which it believes have the potential to generate significant economic resource inventories and robust mining proposals:The West Desert Project in Utah, USA;The Storm Copper and Seal Zinc Projects in Nunavut, Canada; andThe...