NorZinc Ltd. (TSX: NZC) (OTCQB: NORZF) is pleased to announce the closing of its non-brokered private placement of 19,750,000 flow-through common shares of the Company at a price of $0.08 per Flow-Through Share, for gross proceeds of $1,580,000.
The proceeds from the Private Placement will be used to incur eligible Canadian Exploration Expenses and flow-through mining expenditures, as defined under the Income Tax Act (Canada), that will be renounced in favour of the purchasers with an effective date of no later than December 31, 2020. The funds are intended to be used to fund exploration programs on the Company’s Prairie Creek property, located in the Northwest Territories. Flow-Through Shares issued in the Private Placement are subject to a four-month hold period under applicable Canadian securities laws.
In connection with the Private Placement, the Company paid a finder’s fee to Paradigm Capital Inc. comprised of a cash payment of $90,000 and 1,125,000 non-transferrable common share purchase warrants. Each Warrant will entitle Paradigm to purchase one additional non-flow-through common share in the capital of the Company at an exercise price of $0.08 per common share for a period of two years from the date of issue
NorZinc is a TSX-listed mine development Company. NorZinc is developing its key project, the 100%-owned high grade silver-zinc-lead Prairie Creek Mine, located in the Northwest Territories. NorZinc also owns projects in Newfoundland that host several zinc-lead-copper-gold-silver deposits.
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We acknowledge the [financial] support of the Government of Canada.