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.
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.
