Canadian Zinc Closes $9.6 Million Financing.TORONTO -- Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. 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 the previously announced private placement with Northern Securities Inc. as Underwriter underwriter n. a company or person which/who underwrites an insurance policy, issue of corporate securities, business, or project. (See: underwrite) UNDERWRITER, insurances. One who signs a policy of insurance, by which he becomes an insurer. of $9.6 million by the issue of 13,333,333 Units priced at $0.72 per Unit, with each Unit consisting of one common share and one-half share purchase warrant. Each full warrant is exercisable to purchase one common share at a price of $1.00 per share for a period of two years. The proceeds from the private placement will be added to the Company's working capital and used for the development of the 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 Mine Project and general corporate purposes, including other possible property acquisitions. Following closing of the financing the Company's cash position is approximately $25.0 million. The Company paid a cash commission of 7.0% of the gross proceeds and issued Northern Securities non-transferable Underwriters Compensation Options to purchase 1,333,333 Units at $0.72 unit for a period of two years. The Underwriter's Compensation Options are subject to receipt by the Company of shareholder approval at the Company's next annual general meeting of shareholders scheduled for June 14, 2006. Canadian Zinc holds a 100% interest in the 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. . The site 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 open ended mineral resource base totaling, (historical calculation) 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. Canadian Zinc Corporation trades on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol "CZN" and following closing of the financing has 93,390,545 common shares issued and outstanding. A more extensive description of the Company's activities is available on the Company's website at www.canadianzinc.com. 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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