VANCOUVER, British Columbia, Nov. 23, 2017 (GLOBE NEWSWIRE) -- (all dollars in Canadian Dollars) InZinc Mining Ltd. (TSXV:IZN) (the “Company”) is pleased to announce that the Company is increasing its previously announced non-brokered private placement, from total gross proceeds of up to $2,000,000 to total gross proceeds of up to $3,000,000 (the "Offering"). The Offering will now consist of up to 30,000,000 units (the “Units”) at a price of $0.10 per Unit for aggregate proceeds of up to $3.0 million. Each Unit will consist of one common share (a “Common Share”) of the Company and one-half of one common share purchase warrant (a “Warrant”). Each full Warrant will entitle its holder to acquire one Common Share at an exercise price of $0.15 for a period of 24 months from completion of the Financing.
The net proceeds from the Financing will be used for advancement of the Company’s exploration projects and for general corporate purposes.
Closing of the Financing is expected to occur on or before December 7, 2017 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
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. Indy comprises both near surface exploration targets and regional discovery potential. Both zinc projects are well located with easy access and existing infrastructure.
