RE:FriendsActually paid Zincx (formerly Canada Zinc Metals): Vancouver, British Columbia, Canada –Thursday, November 18, 2010 – Canada Zinc Metals Corp. (TSX Venture Exchange: CZX) (“Canada Zinc Metals” or the “Company”) is pleased to announce that, further to its news releases dated July 26, 2010 and October 26, 2010, it has received final approvals from the TSX Venture Exchange and the relevant Chinese authorities with respect to the closing of the non-brokered private placement subscribed to by Tongling Nonferrous Metals Group Holdings Co. Ltd. (“Tongling”).
Pursuant to the private placement, Tongling has purchased 31,386,224 units of the Company at a price of $0.5735 per unit for gross proceeds of $18,000,000 and now holds a 36.5% equity position in Canada Zinc Metals. Each unit consists of one common share and one half of a common share purchase warrant. Each whole warrant entitles Tongling to purchase, at any time within 24 months from closing, one common share of the Company at a price of $0.675 during the first year and at a price of $0.775 during the second year.
(Good to hear that an investor put in $1 million of his own money.)