Uncategorized
Share this news article...
Share on LinkedIn
Linkedin
Share on Facebook
Facebook
Tweet about this on Twitter
Twitter
Share on Google+
Google+
Email this to someone
email

Canadian Zinc Closes $20 Million Financing

 

 

 

 

 

Canadian Zinc Corporation (TSX: CZN) (OTCQB: CZICF) is pleased to announce that further to its press releases dated May 15, 2018 and July 5, 2018, the Company has closed its C$20 million financing.

 

 

Pursuant to the financing, the Company issued 100 million units to RCF VI CAD LLC (“RCF VI CAD”), a subsidiary of Resource Capital Fund VI L.P., at a price of C$0.20 per unit. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle RCF VI CAD to purchase one common share at an exercise price of C$0.25 per share until December 31, 2018.

 

 

The proceeds from the financing will be used to repay the US$10 million bridge loan advanced by Resource Capital Fund VI L.P. in December 2017 and for ongoing development of the Company’s flagship Prairie Creek Zinc-Lead-Silver Project in the Northwest Territories, including additional engineering and permitting work to improve project confidence and general working capital. 

 

 

In conjunction with the closing of the financing, (i) the existing Investor Agreement with Resource Capital Fund VI L.P., was amended to include RCF VI CAD and to provide for the right of RCF VI CAD to nominate additional members to the board of directors and to provide certain other project oversight rights, among other things, and (ii) Resource Capital Fund VI L.P. transferred its holdings in Canadian Zinc to RCF VI CAD.

 

 

As a result of the financing, RCF VI CAD holds approximately 41% of the issued shares of the Company on a non-diluted basis, and approximately 48% on a non-diluted basis assuming the warrants are exercised.

 

 

About Canadian Zinc

 

 

Canadian Zinc is a TSX-listed exploration and development company trading under the symbol “CZN”. The Company’s key project is the 100%-owned Prairie Creek Project, an advanced-stage zinc-lead-silver property, located in the Northwest Territories.

 

Posted July 10, 2018

Share this news article...
Share on LinkedIn
Linkedin
Share on Facebook
Facebook
Tweet about this on Twitter
Twitter
Share on Google+
Google+
Email this to someone
email

MORE or "UNCATEGORIZED"


The Week of July 9th to July 15th, 2018 “A Brief Look Back into Tomorrow”

The new North American trading week began of Monday, July 9th wit... READ MORE

July 16, 2018

Lundin Mining Announces Intention to Make All Cash Offer to Acquire Nevsun Resources Ltd.

Lundin Mining Corporation (TSX: LUN) (Nasdaq Stockholm: LUMI) ann... READ MORE

July 16, 2018

Colibri Resource Corporation - Intersects 61 metres with an average grade of 0.75 g/t Au - Including 1.5 meters of 17.3 g/t Au

Colibri Resource Corporation (TSX-V:CBI) wishes to an... READ MORE

July 16, 2018

ALLEGIANT Closes First Tranche of $4.95 Million Private Placement

Allegiant Gold Ltd. (TSX-V:AUAU) (OTCQX:AUXXF) is pleased to anno... READ MORE

July 16, 2018

Aben Intersects Mineralization Early in Drill Program at Forrest Kerr Project in BC’s Golden Triangle

Aben Resources Ltd. (TSX-V:ABN)(OTCQB:ABNAF) (Frankfurt:E2L... READ MORE

July 16, 2018

Copyright 2018 The Prospector News - Site design by Spyderbaby Productions