Canadian Zinc Closes $500,000 Financing.TORONTO -- Canadian Zinc Corporation (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :CZN) is pleased to announce it has closed a non-brokered private placement financing for $500,000 by the issuance to MineralFields Group of 666,666 Flow-Through Shares at a price of $0.75 per share. The Company paid a finder's fee Finder's fee A fee a person or company charges for service as an intermediary in a transaction. finder's fee The charge levied by a person or firm for putting together a deal. of 6.5% in cash and issued 46,666 share purchase warrants, each exercisable to acquire one additional share at $0.75 per share for one year. The proceeds from the financing of $500,000 will be used to incur Canadian Exploration Expense and will be expended ex·pend tr.v. ex·pend·ed, ex·pend·ing, ex·pends 1. To lay out; spend: expending tax revenues on government operations. See Synonyms at spend. 2. on further exploration of the Company's Prairie prairie Level or rolling grassland, especially that found in central North America. Decreasing amounts of rainfall, from 40 in. (100 cm) at the forested eastern edge to less than 12 in. Creek Project or other qualifying Canadian properties. Following completion of the financing Canadian Zinc now has 79,587,996 shares outstanding. MineralFields Group is a Toronto-based mining flow-through fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year. Information about MineralFields Group is available at www.mineralfields.com. About Canadian Zinc Canadian Zinc's 100% owned Prairie Creek Mine Project located in the Northwest Territories Northwest Territories, territory (2001 pop. 37,360), 532,643 sq mi (1,379,028 sq km), NW Canada. The Northwest Territories lie W of Nunavut, N of lat. 60°N, and E of Yukon. includes a near complete mine, mill and surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. infrastructure with a large mineral resource base totaling as currently known 11.8 million tonnes, grading an average 12.5% zinc, 10.1% lead, 0.4% copper and 161 grammes of silver per tonne tonne measure of weight or mass; 1 tonne=1000 kg. See also ton. . The resource contains an estimated 70 million ounces of silver, approximately 3 billion pounds of zinc and approximately 2.2 billion pounds of lead. Some statements in this press release contain forward-looking information. These statements include, but are not limited to, statements with respect to the use of proceeds and future expenditures. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the timing and amount of expenditures. Canadian Zinc Corporation (TSX:CZN) |
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