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Canada Zinc Metals Corp. Announces Normal Course Issuer Bid
Canada Zinc Metals Corp. Announces Normal Course Issuer Bid
About this update from Zincx Resources Corp.
[{"type":"text","content":"\nCanada Zinc Metals Corp. Announces Normal Course Issuer Bid\n\n\n Aug. 6, 2009 (Filing Services Canada) -- Canada Zinc Metals Corp. (CZX - TSX Venture), announces that it has filed a Form 5G with the TSX Venture Exchange (\"TSXV\") and received approval to purchase at market price up to 4,423,445 common shares, being approximately 5% of the Company's issued and outstanding common shares, by way of a normal course issuer bid (the \"Bid\") through the facilities of the TSXV. As of the date hereof there are 88,468,914 Common Shares of the Company issued and outstanding. The Bid will commence on July 31, 2009 and will stay open for 12 months. Canada Zinc Metals is engaging in a normal course issuer bid because it believes that the market price of its Common Shares does not properly reflect the underlying value of the Company. The purpose of the bid is to reduce dilution of the Company's shares and to enhance the potential future value of the Common Shares which remain outstanding, thus increasing long term shareholder value. Purchases connected with this Bid will be conducted through Canaccord Capital Corporation's offices in Vancouver. The Company will pay the market price of the Common Shares at the time of acquisition and will not purchase more than 2% of the total issued and outstanding common shares within any 30 day period. A copy of the Notice may be obtained by any shareholder of the Company, without charge, by contacting the Company's head office. In July 2009, Tongling Nonferrous Metals Group Holdings Co. Ltd., a state-owned holding company, and one of China's largest copper smelting companies, purchased 11.5 million units of the Company at a price of $0.425 per unit and now holds a 13% equity position in Canada Zinc Metals. About the Akie PropertyThe Akie zinc-lead property is situated within the southern-most part (Kechika Trough) of the regionally extensive Paleozoic Selwyn Basin, one of the most prolific sedimentary basins in the world for the occurrence of SEDEX zinc-lead-silver and stratiform barite deposits. Drilling on the Akie property by Inmet Mining Corporation during the period 1994 to 1996 and by Canada Zinc Metals since 2005 has identified a significant body of baritic-zinc-lead SEDEX mineralization (Cardiac Creek deposit). The deposit is hosted by variably siliceous, fine grained clastic rocks of the Middl...