Proceeds aim to finance mineral properties, general corporate purposes
By Devika Patel
Knoxville, Tenn., Nov. 9 - Zincore Metals Inc. said it settled a private placement of stock through agent TD Securities Inc.
The company sold common shares at C$0.45 apiece for C$12.02 million. The price per share reflects a 21.05% discount to the Nov. 8 closing share price of C$0.57.
"We're very pleased with the outcome," said Adam Ho, manager of investor relations, in an interview with Prospect News. "If you look back to mid-December, our share price was half of what it is now. The terms were obviously favorable to existing shareholders and they weren't unfairly diluted."
Ho added that the private placement received "fair demand" from investors, including new shareholders who "believe there is an upside."
The proceeds will "be used to move our projects in Peru forward," he said, with the bulk of the funds going towards its flagship zinc-oxide property.
The zinc, base and precious metals mineral exploration and development company is based in Vancouver, B.C.
Stephanie N. Rotondo contributed to this article.
| Issuer: | Zincore Metals Inc.
|
| Issue: | Common stock
|
| Amount: | C$12,015,000
|
| Price: | C$0.45
|
| Warrants: | No
|
| Agent: | TD Securities Inc.
|
| Settlement date: | Nov. 9
|
| Stock symbol: | Toronto: ZNC
|
| Stock price: | C$0.57 at close Nov. 8
|
| Market capitalization: | C$65.37 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
