The Prospector News

InZinc Closes $1,000,000 Private Placement

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

InZinc Closes $1,000,000 Private Placement

 

 

 

 

 

InZinc Mining Ltd. (TSX-V:IZN) is pleased to announce that it has closed the non-brokered private placement announced on September 19, 2014. A total of 5,694,000 units were sold at a price of $0.18 per unit for gross proceeds of $1,024,920. Each unit consists of one common share and one-half of one common share purchase warrant. Each full warrant will be exercisable to acquire one additional common share of the Company at a price of $0.30 per share for a period of 24 months. The financing follows the Company’s $600,000 financing which closed on August 29, 2014.
 

In connection with the private placement, the Company paid a finders’ fee to certain arm’s length individuals on a portion of the placement consisting of a cash fee equal to 7% of the gross proceeds received by the Company and warrants, having the same attributes as the warrants comprised in the units, equal to 7% of the units sold under the placement through the efforts of the finders. No other fee or commission is payable by the Company in connection with the financing.
 

The net proceeds from the private placement will be used for advancement of the Company’s West Desert project and for general corporate purposes.
 

The securities issued in connection with the financing will be subject to a four month restriction on resale from the completion date.
 

About InZinc
 

InZinc Mining Ltd. is focussed on advancing its 100% owned West Desert zinc-copper-iron project in western Utah. An independent Preliminary Economic Assessment announced on April 1, 2014 concludes that conventional mining and processing of the West Desert resources would provide strong potential cash-flow and a corresponding high rate of return. From clean, high-quality concentrates, West Desert has the potential to produce 1.6 billion pounds of payable zinc and 146 million pounds of payable copper at low cost over a mine life of approximately 15 years. Over the same period, approximately 15 million tonnes of high quality iron (magnetite) concentrates suitable for domestic or off-shore markets would be produced as a potential high-value co-product, also at low cost.
 

West Desert benefits from all-weather road access, on-site grid power and proximity to natural gas. It is located 90 kilometres from multiple transcontinental rail networks accessing all major North American markets and servicing a variety of western US ports. Large and potentially expandable resources are an additional advantage for West Desert.

Posted September 30, 2014

Share this news article

MORE or "UNCATEGORIZED"


Northern Vertex Reports Record Quarterly Production, Revenue and Adjusted EBITDA

Northern Vertex Mining Corp. (TSX: NEE) is pleased to announce re... READ MORE

November 27, 2020

Yorbeau Closes Non-Brokered Private Placement

Yorbeau Resources Inc. (TSX: YRB) is pleased to announce that it ... READ MORE

November 27, 2020

Talisker Intersects 995 g/t Gold Over 0.5 Metres within 227.55 g/t Gold Over 2.25 Metres at the Bralorne Gold Project

Talisker Resources Ltd. (TSX: TSK) (OTCQX: TSKFF) is pleased to a... READ MORE

November 26, 2020

Copper Mountain Closes C$17.25 Million Bought Deal Offering of Common Shares

Copper Mountain Mining Corporation (TSX: CMMC) (ASX: C6C) i... READ MORE

November 26, 2020

Surge Copper Drills 0.72% Copper Equivalent Over 176.1 Metres At Ootsa Including 0.89% Copper Equivalent Over 126 Metres

Surge Copper Corp. (TSX-V: SURG), is pleased to announce assay re... READ MORE

November 26, 2020

Copyright 2020 The Prospector News - Site design by Spyderbaby Productions