Canada Zinc Metals Closes Non-Brokered Private Placementsadmin
Canada Zinc Metals Closes Non-Brokered Private Placements
Vancouver, British Columbia CANADA, February 27, 2014 /FSC/ – Canada Zinc Metals Corp. (CZX – TSX Venture), (the “Company”) is pleased to announce that further to its news release dated February 18, 2014, it has received final TSX Venture Exchange acceptance for its non-brokered private placement of 1,739,630 flow-through common shares of the Company at a price of $0.575 per Flow-Through Share, for total gross proceeds of $1,000,287 (the “Flow -Through Offering”).
The Company also received final TSX Venture Exchange acceptance for its non-brokered private placement of 200,000 Units at a price of $0.50 per Unit, for total gross proceeds of $100,000. Each Unit consists of one common share and one-half share purchase warrant of the Company. Each whole warrant entitles the holder to purchase one additional common share at a price of $0.75 for a period of 18 months from closing (the “Unit Offering”).
The securities issued under both the Flow -Through Offering and the Unit Offering are subject to resale restriction expiring June 28, 2014.
The Company paid $44,011.50 as finder’s fees. A majority of the subscribers to the private placements were secured by Secutor Capital Management Corp.
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 this press release as a PDF, please click on the following link:
Source: Canada Zinc Metals Corp. (CZX – TSX-V)
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Posted: February 28th, 2014 under FSCWIRE.