Mr. Wayne Hubert reports
INZINC ANNOUNCES CLOSING OF $275,000 PRIVATE PLACEMENT
Inzinc Mining Ltd. has closed a non-brokered private placement for gross proceeds of $275,000. The financing, announced May 16, 2019, consists of 5.5 million units at a price of five cents per unit. Each unit consisted 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 10 cents for a period of 24 months from closing 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 notice was given.
Dundee Goodman Merchant Partners, an arm's-length party to the company, acted as the finder in connection with the financing. The company paid the finder a fee of 6 per cent in cash and 6 per cent in warrants. Each finder's warrant entitles the finder 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 to expand programs at the company's Indy exploration project in British Columbia, where near-surface mineralization was discovered in 2018 and where new, large exploration targets are emerging, and for general corporate purposes.
The securities issued in connection with the financing are 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. Indy comprises near-surface discoveries, large untested exploration targets and regional discovery potential.
We seek Safe Harbor.
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