By Sheri Kasprzak
New York, Jan. 17 - Canadian Zinc Corp. has increased the size of its previously announced private placement to C$9.6 million from C$5 million, including a fully exercised greenshoe.
The company now intends to sell 13,333,333 units at C$0.72 each, including an over-allotment option for 1,388,889 units.
The units include one share and one half-share. The whole warrants are exercisable at C$1.00 each for two years.
Northern Securities Inc. is the placement agent.
The deal is expected to close on Jan. 30. The offering was originally scheduled to close on Feb. 8.
Proceeds will be used for working capital and the development of the company's Prairie Creek Mine project. The remainder will be used for potential property acquisitions and general corporate purposes.
Based in Toronto, Canadian Zinc is a mineral exploration company.
| Issuer: | Canadian Zinc Corp.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$9.6 million
|
| Units: | 13,333,333
|
| Price: | C$0.72
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.00
|
| Placement agent: | Northern Securities Inc.
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| Pricing date: | Jan. 16
|
| Upsized: | Jan. 17
|
| Settlement date: | Jan. 30
|
| Stock symbol: | Toronto: CZN
|
| Stock price: | C$0.88 at close Jan. 16
|
| Stock price: | C$0.85 at close Jan. 17
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