Mr. Wayne Hubert reports
INZINC ANNOUNCES $275,000 PRIVATE PLACEMENT
Inzinc Mining Ltd. has arranged a non-brokered private placement of up to 5.5 million units at a price of five cents per unit for aggregate gross proceeds of up to $275,000. Each unit will consist of one common share of the company and one-half of one common share purchase warrant. Each full warrant will entitle its holder to acquire one common share at an exercise price of 10 cents for a period of 24 months from completion of the financing. The company can accelerate the expiry date of the warrants at any time following four months after the closing date by giving notice to the holder if the common shares trade at or above 20 cents for 10 consecutive trading days, at which time the warrants will expire on the 30th day after the date on which such.
Dundee Goodman Merchant Partners and other parties at arm's length to the company will act as the finders in connection with the financing. The company will pay the finders a fee of 6 per cent in cash and 6 per cent in warrants. Each warrant will entitle the finders to acquire one common share at an exercise price of five cents for a period of 24 months.
The net proceeds from the financing will be used: (i) to expand programs at the company's Indy exploration project in British Columbia, where near-surface mineralization was discovered in 2018 and new, large exploration targets are emerging; and (ii) for general corporate purposes.
Closing of the financing is expected to occur on or before May 27, 2019, and is subject to all regulatory approvals, including the approval of the TSX Venture Exchange. The securities issued in connection with the financing will be subject to a four-month hold period from the date of closing, in accordance with applicable securities legislation.
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.
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