Canadian Zinc postpones C$9.8 million private placement

By Sheri Kasprzak

Atlanta, Dec. 23 - Canadian Zinc Corp. said it has decided to postpone its previously announced C$9.8 million private placement.

The company said Nov. 22 that it planned to sell 10.5 million units at C$0.85. The units include one share and one half-share warrant.

However, due to "market conditions and the late time of the year," the company has decided not to proceed with the financing this year, the company said in a news release.

Canadian Zinc is a Toronto-based zinc exploration company. It plans to use the proceeds from the flow-through shares for exploration expenditures in 2005 at its Prairie Creek silver-zinc project in the Northwest Territories. The non flow-through shares will be used for permitting and the development of the Prairie Creek project, working capital and for acquisitions and new ventures.

On Thursday, Canadian Zinc's stock closed down C$0.01 at C$0.66.

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