Canada Zinc metals announces closing of USD 18 million private placement

Steel Guru.com reports that Canada Zinc Metals (TSXV:CZX) is proceeding with closing of the non-brokered private placement subscribed to by Tongling Nonferrous Metals Group Holdings Company Limited.

The story is quoted as saying:

Pursuant to the private placement, Tongling has purchased 31,386,224 units of the Company at a price of USD 0.5735 per unit for gross proceeds of USD 18,000,000 and now holds 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 USD 0.675 during the first year and at a price of USD 0.775 during the second year. These units are subject to a hold period expiring on March 17th 2011.

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