NorZinc (TSX: NZC) this morning reported the closing of a previously announced financing. The arrangement saw the company raise a total of $7.2 million via a combination of a short form prospectus and a private placement.
Under the terms of the short form, 95.0 million units of the company were sold at a price of $0.065 per unit. The private placement conducted concurrently meanwhile saw a total of 15.4 million units sold. Each unit sold contains one common share and one half warrant, which contains an exercise price of $0.09 and expires three years from the date of issuance.
Among the investors is a subsidiary of Resource Capital Fund VI LP, whom subscribed for all units under the concurrent private placement.
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Proceeds from the financing are to be used for exploration and development, as well as working capital.
NorZinc last traded at $0.055 on the TSX.
Information for this briefing was found via Sedar and NorZinc Ltd. The author has no securities or affiliations related to these organizations. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
