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Zinc One Closes Tranche 1 Financing of $3.855 Million

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Zinc One Closes Tranche 1 Financing of $3.855 Million

 

 

 

 

 

Zinc One Resources Inc. (TSX-V: Z) (OTC Pink: ZZZOF) (FSE: RH33) announces that it has closed its first tranche of its previously announced private placement financing by issuing a total of 16,063,286 units at a price of $0.24 per Unit for gross proceeds of $3,855,188.

 

 

Each Unit is comprised of one common share and one-half of one common share purchase warrant with each whole Warrant entitling the holder to purchase one additional common share at $0.35 per share for a period of three years from the date of issue.

 

 

All securities issued in connection with the private placement are subject to a four-month statutory hold period expiring on September 18, 2018. Zinc One paid finders a total of $57,401.28 and issued finders a total of 227,172 Warrants.

 

 

Proceeds of the financing will be used for exploration activities on the Bongará Zinc Mine Project and working capital purposes.

 

 

About Zinc One Resources Inc.

 

 

Zinc One is focused on the exploration and development of prospective and advanced zinc projects in mining-friendly jurisdictions. The Company’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 nearly six kilometres to the NNW and where past drilling intercepted various near-surface zones with high-grade zinc. Zinc One is managed by a proven team of geologists and engineers who have previously constructed and operated successful mining operations.

 

Posted May 23, 2018

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