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Tongling Nonferrous Metals Group Holdings Co. Ltd. Subscribes to $4.9 Million Private Placement
Tongling Nonferrous Metals Group Holdings Co. Ltd. Subscribes to $4.9 Million Private Placement
About this update from Zincx Resources Corp.
[{"type":"text","content":"Tongling Nonferrous Metals Group Holdings Co. Ltd. Subscribes to $4.9 Million Private Placement\n\n\n\nTongling Nonferrous Metals Group Holdings Co. Ltd. Subscribes to $4.9 Million Private Placement\n\n\nVancouver, British Columbia CANADA, January 26, 2009 /FSC/ - Canada Zinc Metals Corp. (CZX - TSX Venture, MTSZF - OTCBB, AOF7E1 - FWB), is pleased to announce that it has entered into a financing arrangement with Tongling Nonferrous Metals Group Holdings Co. Ltd. (\"Tongling\") pursuant to which Tongling will purchase units equal to a 13% equity position in Canada Zinc Metals. Tongling has subscribed, by way of a non-brokered private placement, for 11,500,000 units of Canada Zinc Metals at a price of $0.425 per unit for gross proceeds of $4,887,500. Each unit consists of one common share and one half of a common share purchase warrant. Each whole warrant shall entitle the purchaser to purchase, at any time within 24 months from closing, one common share of the Company at a price of $0.60 during the first year and at a price of $0.80 during the second year.\n \n\"We are extremely pleased to be entering into this financing agreement with Tongling,\" stated Mr. Peeyush Varshney, CEO of Canada Zinc Metals. \"The work that we have been doing on the Akie property has been advancing the value and merit of the Cardiac Creek deposit and continues to attract the interest of the world's premier base metal companies. The Cardiac Creek deposit is one of the most significant discoveries in Canada in the past several years.\"\n \nThe proceeds of the private placement will be used to fund further exploration and advancement of the Company's SEDEX zinc-lead properties and for working capital purposes.\n\n \"We are pleased to be acquiring this initial stake in Canada Zinc Metals,\" said Mr. Li Dongqing, Chief Engineering Officer of Tongling. \"Along with the Akie property, the significant prospective land package in the Kechika Trough represents a potential long-term district development opportunity. We look forward to continuing to build our relationship with the Company.\"\n\nTongling Nonferrous Metals Group Holdings Co. Ltd., based in Tongling, Anhui, is a state-owned holding company, and one of China's largest copper smelting companies. &...