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Update on Tongling Nonferrous Metals Group Holdings Co. Ltd. $18 Million Private Placement
Update on Tongling Nonferrous Metals Group Holdings Co. Ltd. $18 Million Private Placement
About this update from Zincx Resources Corp.
[{"type":"text","content":"\nUpdate on Tongling Nonferrous Metals Group Holdings Co. Ltd. $18 Million Private Placement\n\n\n Oct. 26, 2010 (Filing Services Canada) -- Canada Zinc Metals Corp. (CZX - TSX Venture), is pleased to announce that, further to its news release dated July 26, 2010, it has been advised by Tongling Nonferrous Metals Group Holdings Co. Ltd. (\"Tongling\") that the State-Owned Assets Supervision and Administration Commission of Anhui, China, has approved Tongling's application to further invest in Canada Zinc Metals.  Tongling will now apply for final approval from the Development and Reform Commission.Tongling has subscribed, by way of a non-brokered private placement, for 31,386,224 units of Canada Zinc Metals at a price of $0.5735 per unit for gross proceeds of $18,000,000.  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 additional common share of the Company at a price of $0.675 during the first year and at a price of $0.775 during the second year.  Upon closing of the private placement, Tongling will own approximately a 36.5% equity interest in Canada Zinc Metals.Tongling 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.  Tongling's principal activities are exploration, mining, ore processing, smelting & refining and products processing of copper, lead, zinc, gold, silver and other non-ferrous and rare metals.  The financing is subject to receiving the necessary approvals of the relevant Chinese regulatory departments and the TSX Venture Exchange. About Canada Zinc Metals Corp.Canada Zinc Metals is a mineral exploration company focused on unlocking the potential of a future long life mining district in British Columbia, Canada.   The Company is the dominant land holder in a world class mineral belt called the Kechika Trough which hosts in excess of 80 million tonnes of base metal resources.   Canada Zinc Metals owns a total of 78,526 hectares in 233 claims which extend northwestward from the Akie property for a distance of 125 km.About the Akie PropertyThe Akie zinc-lead property is situated within ...