InZinc Announces $1 Million Upsizing of Private Placement for Up to $3 Million Gross Proceeds
VANCOUVER, British Columbia, Nov. 23, 2017 (GLOBE NEWSWIRE) --
(all dollars in Canadian Dollars)
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
InZinc Mining Ltd. (TSXV:IZN) (the “Company”) is pleased to announce that the Company is increasing its previously announced non-brokered private placement, from total gross proceeds of up to $2,000,000 to total gross proceeds of up to $3,000,000 (the "Offering"). The Offering will now consist of up to 30,000,000 units (the “Units”) at a price of $0.10 per Unit for aggregate proceeds of up to $3.0 million. Each Unit will consist of one common share (a “Common Share”) of the Company and one-half of one common share purchase warrant (a “Warrant”). Each full Warrant will entitle its holder to acquire one Common Share at an exercise price of $0.15 for a period of 24 months from completion of the Financing.
The net proceeds from the Financing will be used for advancement of the Company’s exploration projects and for general corporate purposes.
Closing of the Financing is expected to occur on or before December 7, 2017 and is subject to all regulatory approvals, including the approval of the TSX Venture Exchange. The securities issued in connection with the Financing will be subject to a four-month hold period from the date of closing in accordance with applicable securities legislation.
About InZinc
InZinc is focused on growth in zinc through exploration and expansion of the advanced stage West Desert project (100%) in Utah and exploration of the early stage Indy project (100% option) in British Columbia. West Desert has a large underground resource open for expansion and has district scale exploration potential. A West Desert preliminary economic assessment completed in 2014 forecasted 1.6 billion pounds of zinc production over 15 years. Indy comprises both near surface exploration targets and regional discovery potential. Both zinc projects are well located with easy access and existing infrastructure.
InZinc Mining Ltd.
"Wayne Hubert”
| Wayne Hubert CEO and Director Phone: 604.687.7211 Website: www.inzincmining.com | For further information contact: Joyce Musial Vice President, Corporate Affairs Phone: 604.317.2728 Email: joyce@inzincmining.com | |
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and US securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the Company’s next shareholder meeting. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plan, design, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results, performance, or actions and that actual results and actions may differ materially from those in forward-looking statements as a result of various factors, including, but not limited to, those risks and uncertainties disclosed in the Company’s Management Discussion and Analysis for the year ended December 31, 2016 filed with certain securities commissions in Canada and other information released by the Company and filed with the appropriate regulatory agencies. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.