By Sheri Kasprzak
Atlanta, Nov. 22 - Canadian Zinc Corp. said Monday it has sold C$9.8 million in a private placement of units.
The company will sell through a syndicate of underwriters led by Maison Placements of Canada Inc. 10.5 million units of one share and one half-share warrant at C$0.65 each. The offering also includes 3.5 million flow-through shares at C$0.85 each.
The whole warrants allow for the purchase of an additional share at C$0.85 each for 18 months.
Maison has a greenshoe option for up to 1.5 million units at C$0.65 for additional proceeds of C$975,000.
Canadian Zinc is a Toronto-based zinc exploration company. It plans to use the proceeds from the flow-through shares for exploration expenditures in 2005 at its Prairie Creek silver-zinc project in the Northwest Territories. The non flow-through shares will be used for ongoing permitting and the development of the Prairie Creek project, working capital and for acquisitions and new ventures.
| Issuer: | Canadian Zinc Corp.
|
| Issue: | Units and flow-through shares
|
| Amount: | C$9.8 million
|
| Underwriters: | Maison Placements of Canada Inc.
|
| Announcement date: | Nov. 22
|
| Stock price: | C$0.66 at close Nov. 22
|
|
|
| Units
|
| Issue: | Units of one share and one half-share warrant
|
| Shares: | 10.5 million units
|
| Price: | C$0.65
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.85
|
|
|
| Flow-through shares
|
| Issue: | Flow-through common shares
|
| Shares: | 3.5 million
|
| Price: | C$0.85
|
| Warrants: | No
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
