Canadian Zinc Corporation Increases Financing to $9,600,000.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 that it has increased the size of its private placement originally announced on January 16, 2005 to $9,600,000 (including the over-allotment option). Northern Securities Inc. ("Northern") is acting 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. on the financing on a bought deal basis, subject to certain conditions. Northern has placed the offering, primarily to institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. , and has closed its order book for the financing. Completion of the financing is subject to certain conditions, including approval by the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. and other regulatory agencies regulatory agency Independent government commission charged by the legislature with setting and enforcing standards for specific industries in the private sector. The concept was invented by the U.S. . The financing is anticipated to close on or about January 30, 2006. The Units have been 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 shares at a price of $1.00 per share for a period of two years. Northern will be paid a commission of 7% in cash and 10% in broker warrants exercisable for Units at the offering price 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. Canadian Zinc Corporation trades on the Toronto Stock Exchange under the symbol "CZN" and currently has 80,007,212 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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