By Sheri Kasprzak
New York, Nov. 7 - Canadian Zinc Corp. priced a C$10 million private placement.
The company plans to sell 3,333,333 units at C$0.90 each and 6,086,956 flow-through shares at C$1.15 each.
The units include one share and one half-share warrant. Each whole warrant is exercisable at C$1.15 each for two years.
Northern Securities Inc. is the lead underwriter in a syndicate that also includes Canaccord Adams Ltd. and Octagon Capital Corp.
The offering is set to close Nov. 28.
Proceeds will be used for exploration and development on the company's Prairie Creek Mine project and for general corporate purposes.
Toronto-based Canadian Zinc is a mineral exploration company.
| Issuer: | Canadian Zinc Corp.
|
| Issue: | Flow-through shares and units of one share and one half-share warrant
|
| Amount: | C$10 million
|
| Underwriters: | Northern Securities Inc. (lead), Canaccord Adams Ltd., Octagon Capital Corp.
|
| Pricing date: | Nov. 7
|
| Settlement date: | Nov. 28
|
| Stock symbol: | Toronto: CZN
|
| Stock price: | C$0.91 at close Nov. 7
|
|
|
| Units
|
| Units: | 3,333,333
|
| Price: | C$0.90
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.15
|
|
|
| Flow-through shares
|
| Shares: | 6,086,956
|
| Price: | C$1.15
|
| Warrants: | No
|
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