21:27:50 EDT Wed 14 Apr 2021
Enter Symbol
or Name
USA
CA



Inzinc Mining Ltd
Symbol IZN
Shares Issued 115,085,419
Close 2021-02-18 C$ 0.035
Recent Sedar Documents

Inzinc Mining closes private placement

2021-02-18 19:00 ET - News Release

Mr. Wayne Hubert reports

INZINC ANNOUNCES CLOSING OF PRIVATE PLACEMENT FOR TOTAL GROSS PROCEEDS OF $200,000

Inzinc Mining Ltd. has completed the closing of its non-brokered private placement for gross proceeds of $199,999.95. The offering, previously announced in Inzinc's news release dated Feb. 4, 2021, consisted of 6,666,665 units at a price of three cents per unit, each unit consisting of one common share of the company and one-half of one common share purchase warrant. Each full warrant entitles its holder to acquire one common share at an exercise price of six cents for a period of 24 months from the closing.

Insiders, each being a related party of the company (as such term is defined under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions (MI 61-101)), have subscribed for a total of 5,333,332 units, as follows: Kerry Curtis (chairman and a director of the company), for 2,833,333 units; John Murphy (a director of the company), for 1,666,666 units; and Louis Montpellier (a director of the company), for 833,333 units. The company relied upon exemptions from the valuation and minority shareholder approval requirements of MI 61-101 available pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the securities issued, nor the fair market value of the consideration for the securities issued, exceeds 25 per cent of the company's market capitalization as calculated in accordance with MI 61-101.

All securities issued under the private placement are subject to a four-month hold period expiring on June 19, 2021, in accordance with applicable securities legislation and the policies of the TSX Venture Exchange.

The net proceeds from the financing will be used for working capital.

About Inzinc Mining Ltd.

Inzinc is focused on growth in zinc through exploration and expansion of the advanced-stage West Desert project (100 per cent) in Utah and exploration of the early-stage Indy project (100-per-cent option) in British Columbia. West Desert has a large underground resource open for expansion and has district-scale exploration potential. A West Desert preliminary economic assessment completed in 2014 forecasted 1.6 billion pounds of zinc production over 15 years. Byproducts would include copper, magnetite and indium, the latter being identified by the United States in 2017 as a critical mineral. West Desert is well located with easy access and existing infrastructure. The Indy Sedex project comprises near-surface discoveries, large untested exploration targets and regional discovery potential. Indy is readily accessible by road from Prince George, the major hub for transportation and heavy industry in central British Columbia, and is located 85 kilometres south of the Canadian National Railway. On Dec. 22, 2020, Inzinc announced that it had signed a non-binding letter of intent (LOI) with American West Metals Ltd. that contemplates the companies entering into an option agreement prior to March 31, 2021, under which American West can acquire 100 per cent of the West Desert project providing American West makes all the payments contemplated by the LOI. There are no assurances that this transaction will complete as contemplated.

We seek Safe Harbor.

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