By Devika Patel
Knoxville, Tenn., July 18 - Canadian Zinc Corp. announced it has agreed to a private placement with Sprott Asset Management Inc. for C$10,000,250.
The deal will consist of 11,765,000 units at C$0.85 per unit, with each unit made up of one share and one half share warrant. The warrants are exercisable for two years at C$1.20.
Upon completion, Sprott Asset Management will hold around a 9% interest in Canadian Zinc.
Proceeds will be used for exploration, development and working capital.
| Issuer: | Canadian Zinc Corp.
|
| Issue: | Units of one share and one half share warrant
|
| Amount: | C$10,000,250
|
| Units: | 11,765,000
|
| Price: | C$0.85
|
| Warrants: | One half share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.20
|
| Announcement date: | July 18
|
| Investor: | Sprott Asset Management Inc.
|
| Stock symbol: | TSX: CZN
|
| Stock price: | C$0.76 at close July 17
|
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