InZinc Announces Closing of Private Placement for Total Gross Proceeds of $200,000 (All Dollars in Canadian Dollars)
InZinc Announces Closing of Private
Placement for Total Gross Proceeds of
$200,000
(All Dollars in Canadian Dollars)
Vancouver, British Columbia--(Newsfile Corp. - February 18, 2021) -
InZinc Mining Ltd.
(TSXV: IZN)
(the "
Company
") is pleased to announce that the Company has completed the closing (the "
Closing
")
of its non-brokered private placement (the "
Private Placement
" for gross proceeds of $199,999.95.
The offering, previously announced in InZinc's news release dated February 4, 2021 consisted of
6,666,665 units (the "
Units
") at a price of $0.03 per Unit, each Unit consisting of one common share (a
"
Common Share
") of the Company and one-half of one common share purchase warrant (a
"
Warrant
"). Each full Warrant entitles its holder to acquire one Common Share at an exercise price of
$0.06 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 exceed 25% 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
InZinc is focused on growth in zinc through exploration and expansion of the advanced stage West
Desert project (100%) in Utah and exploration of the early stage Indy project (100% 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 85km south of the Canadian National Railway. On December 22, 2020,
InZinc announced that it had signed a non-binding Letter of Intent ("
LOI
") with American West Metals
Limited ("
American West
") that contemplates the companies entering into an option agreement prior to
March 31st, 2021 under which American West can acquire 100% 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.
InZinc Mining Ltd.
"Wayne Hubert"
CEO and Director
Phone: 604.687.7211
Website:
www.inzincmining.com
For further information contact:
Joyce Musial
Vice President, Corporate Affairs
Phone: 604.317.2728
Email:
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively,
"forward-looking statements") within the meaning of applicable securities legislation. All statements,
other than statements of historical fact, included herein are forward-looking statements. Although the
Company believes that such statements are reasonable, it can give no assurance that such expectations
will prove to be correct. Forward-looking statements are typically identified by words such as: "believe",
"expect", "anticipate", "intend", "estimate", "plan", "design", "postulate" and similar expressions, or are
those, which, by their nature, refer to future events. The Company cautions investors that any forward-
looking statements by the Company are not guarantees of future results, performance, or actions and
that actual results and actions may differ materially from those in forward-looking statements as a result
of various factors, including, but not limited to, those risks and uncertainties disclosed in the Company's
Management Discussion and Analysis for the year ended December 31, 2019 and for the nine months
ended September 30, 2020 filed with certain securities commissions in Canada and other information
released by the Company and filed with the appropriate regulatory agencies. All of the Company's
Canadian public disclosure filings may be accessed via
www.sedar.com
and readers are urged to
review these materials, including the technical reports filed with respect to the Company's mineral
properties.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE
SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/74896