VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 30, 2014) -
THIS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES HEREIN
InZinc Mining Ltd. (TSX VENTURE:IZN) (the "Company") is pleased to announce that it has closed the non-brokered private placement announced on September 19, 2014. A total of 5,694,000 units were sold at a price of $0.18 per unit for gross proceeds of $1,024,920. Each unit consists of one common share and one-half of one common share purchase warrant. Each full warrant will be exercisable to acquire one additional common share of the Company at a price of $0.30 per share for a period of 24 months. The financing follows the Company's $600,000 financing which closed on August 29, 2014.
In connection with the private placement, the Company paid a finders' fee to certain arm's length individuals on a portion of the placement consisting of a cash fee equal to 7% of the gross proceeds received by the Company and warrants, having the same attributes as the warrants comprised in the units, equal to 7% of the units sold under the placement through the efforts of the finders. No other fee or commission is payable by the Company in connection with the financing.
The net proceeds from the private placement will be used for advancement of the Company's West Desert project and for general corporate purposes.
The securities issued in connection with the financing will be subject to a four month restriction on resale from the completion date.
About InZinc
InZinc Mining Ltd. is focussed on advancing its 100% owned West Desert zinc-copper-iron project in western Utah. An independent Preliminary Economic Assessment (PEA) announced on April 1, 2014 concludes that conventional mining and processing of the West Desert resources would provide strong potential cash-flow and a corresponding high rate of return (see NR14-02). From clean, high-quality concentrates, West Desert has the potential to produce 1.6 billion pounds of payable zinc and 146 million pounds of payable copper at low cost over a mine life of approximately 15 years. Over the same period, approximately 15 million tonnes of high quality iron (magnetite) concentrates suitable for domestic or off-shore markets would be produced as a potential high-value co-product, also at low cost.
West Desert benefits from all-weather road access, on-site grid power and proximity to natural gas. It is located 90 kilometres from multiple transcontinental rail networks accessing all major North American markets and servicing a variety of western US ports. Large and potentially expandable resources are an additional advantage for West Desert.
Chris Staargaard, P.Geo., a Qualified Person as defined in NI 43-101, has approved the technical content of this news release.
InZinc Mining Ltd.
Chris Staargaard, President and CEO
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and US securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the Company's next shareholder meeting. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results, performance, or actions and that actual results and actions may differ materially from those in forward-looking statements as a result of various factors, including, but not limited to, those risks and uncertainties disclosed in the Company's Management Discussion and Analysis for the year ended December 31, 2013 filed with certain securities commissions in Canada and other information released by the Company and filed with the appropriate regulatory agencies. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.