By Laura Lutz
Washington, Nov. 27 - Canadian Zinc Corp. settled an upsized private placement of units and flow-through shares for C$13 million.
The company sold 5,555,555 units of one share and one half-share warrant at C$0.90 per unit and 6,956,522 flow-through shares at C$1.15 per share. Each warrant will be exercisable at C$1.15 for two years.
The deal priced on Nov. 7 as a C$10 million offering of 3,333,333 units and 6,086,956 flow-through shares.
Northern Securities Inc. was the lead underwriter in a syndicate that also included Canaccord Adams Ltd. and Octagon Capital Corp.
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$13 million
|
| Underwriters: | Northern Securities Inc. (lead), Canaccord Adams Ltd., Octagon Capital Corp.
|
| Pricing date: | Nov. 7
|
| Settlement date: | Nov. 24
|
| Stock symbol: | Toronto: CZN
|
| Stock price: | C$0.91 at close Nov. 7
|
| Stock price: | C$0.93 at close Nov. 24
|
|
|
| Units
|
| Units: | 5,555,555
|
| 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: | 6,956,522
|
| Price: | C$1.15
|
| Warrants: | No
|
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