Pp closed; drilling update; recent SP rise - alls good!! NorZinc Closes $1 Million Private Placement and Provides Update on Surface Drill Program
NZC-TSX
NORZF-OTCQB
VANCOUVER, BC , May 28, 2021 /CNW/ - NorZinc Ltd. (TSX: NZC) (OTCQB: NORZF) (the " Company " or " NorZinc ") is pleased to announce the closing of an equity financing agreement (the " Equity Financing ") with RCF VI CAD LLC (" RCF ") previously announced on May 3, 2021 . Pursuant to the Equity Financing, the Company issued an aggregate of 14,713,455 common shares of the Company (" Common Shares ") to RCF on a non-brokered private placement basis, at a price of $0.067965 per share for gross proceeds of approximately $1,000,000 .
Rohan Hazelton , President & CEO of NorZinc Ltd. Stated " The financing highlights RCF's commitment to its longstanding partnership with NorZinc and their ongoing participation in advancing the Prairie Creek Project, to deliver a world-class mine.
We would also like to this opportunity to extend our support for the communities in Fort Simpson , Jean Marie , and Hay River in light of the disastrous flooding that has devastated the communities. NorZinc is working with local staff and government agencies to ensure appropriate aid and supplies are getting to those impacted. "
The proceeds from the Equity Financing will be used for working capital purposes. Common Shares issued in the Equity Financing will be subject to a four-month hold period under applicable Canadian securities laws.
Surface Drill Program
On Dec 23, 2020 , the Company raised $1.58M of flow-through funding to be used to fund a Surface Drill Program in 2021. The Company plans to complete hole PC-20-226 which was started late last year, as well as target additional exploration of Main Quartz Vein ("MQV")-style mineralization to the north of the existing mine plan, by way of four 700m+ diamond drill holes to be drilled from the same pad, using the Company-owned HTM-2500 hydraulic diamond drill rig.
Early on-site preparations are currently underway to start drilling operations in the coming weeks, and will include water-line setup, equipment maintenance, inventory and supplies ordering, and crew training.