Canada Zinc Metals Announces Non-Brokered Private Placement Updateadmin
Canada Zinc Metals Announces Non-Brokered Private Placement Update
Vancouver, British Columbia CANADA, December 20, 2013 /FSC/ – Canada Zinc Metals Corp. (CZX – TSX Venture), (the “Company”) is pleased to announce that, further to its news release dated December 18, 2013, the non-brokered private placement of up to 1,500,000 flow-through common shares of the Company at a price of $0.40 per Flow-Through Share, for the total proceeds of $600,000 (the “Offering”) has been oversubscribed. The Offering now consists of a total of 2,112,600 Flow-Through Shares for gross proceeds totalling $845,040.
A finder’s fee of 4% will be paid in cash. The Company has agreed to allocate the Offering to subscribers found by Secutor Capital Management Corp.
The private placement is subject to TSX Venture Exchange approval.
The proceeds are to be used for further exploration of the Akie SEDEX zinc-lead property and to explore the Kechika Regional project – the balance of the Company’s portfolio of mineral holdings located within the highly prospective Kechika Trough SEDEX zinc-lead basin of northeastern British Columbia.
About the Akie Property
The Akie zinc-lead property is situated within the southern-most part (Kechika Trough) of the regionally extensive Paleozoic Selwyn Basin, one of the most prolific sedimentary basins in the world for the occurrence of SEDEX zinc-lead-silver and stratiform barite deposits.
Drilling on the Akie property by Inmet Mining Corporation during the period 1994 to 1996 and by Canada Zinc Metals since 2005 has identified a significant body of baritic-zinc-lead SEDEX mineralization (Cardiac Creek deposit). The deposit is hosted by variably siliceous, fine grained clastic rocks of the Middle to Late Devonian ‘Gunsteel’ formation. The Company has outlined a NI 43-101 compliant inferred resource of 23.6 million tonnes grading 7.6% zinc, 1.5% lead and 13.0 g/t silver (at a 5% zinc cut off grade).
In addition to the Akie property, Canada Zinc Metals Corp. controls a large contiguous group of claims which comprise the Kechika Regional project. These claims are underlain by geology identical to that on the Akie property (Cardiac Creek deposit) and Cirque. This project includes the 100% owned Mt. Alcock property, which has yielded a historic drill intercept of 8.8 metres grading 9.3% zinc+lead, numerous zinc-lead-barite occurrences, and several regional base metal anomalies.
Ken MacDonald P.Geo., Vice President of Exploration, is the designated Qualified Person as defined by National Instrument 43-101 and is responsible for the technical information contained in this release.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.
ON BEHALF OF THE BOARD OF DIRECTORS
CANADA ZINC METALS CORP.
PEEYUSH VARSHNEY, LL.B
CEO & CHAIRMAN
To view the press release as a PDF file, please click on the following link:
Source: Canada Zinc Metals Corp. (CZX – TSX-V)
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Posted: December 20th, 2013 under FSCWIRE.