Zinc One Resources Inc. (TSX-V: Z) (OTC Markets: ZZZOF) (Frankfurt: RH33) announces it has closed its rights offering as announced on May 27, 2019 and July 3, 2019. A total of 69,846,582 common shares of Zinc One will be issued to holders of the rights at a subscription price of $0.02 per Share which represents gross proceeds of $1,396,932. The total issued and outstanding capital of the Company following completion fo the Rights Offering will be 192,290,524 common shares of Zinc One.
The net proceeds of the offering will be used to repay corporate indebtedness, reduce trade payables, incurring US $200,000 for geological, resource modelling and technical studies on the Bongará Project and general working capital.
About Zinc One Resources Inc.
Zinc One’s key assets are the Bongará Zinc Mine Project and the Charlotte-Bongará Zinc Project in north-central Peru. The Bongará Zinc Mine Project was in production from 2007 to 2008, but was closed due to the global financial crisis and concurrent decrease in the zinc price. Past production included >20% zinc grades and recoveries over 90% from surface and near-surface zinc-oxide mineralization. High-grade, zinc-oxide mineralization is known to outcrop between the mined area and the Charlotte-Bongará Project, which is over six kilometres to the NNW and where past drilling intercepted various near-surface zones with high-grade zinc as well.
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