Canadian Zinc Announces Closing of $10.2 Million Financing

Canadian Zinc (TSX:CZN) have reported that it has closed its previously announced underwritten public offering of common shares and flow-through shares through a syndicate of underwriters co-led by Paradigm Capital, Canaccord Genuity and Dundee Securities.
As quoted in the press release:

The Company issued 34,135,000 common shares (the “Common Shares”) at a price of $0.25 per Common Share (which includes 2,135,000 Common Shares issued pursuant to the overallotment option) for gross proceeds of $8,533,750 and 6,665,000 flow-through shares (the “Flow-Through Shares”) at a price of $0.25 per Flow-Through Share (which includes 2,665,000Flow-Through Shares issued pursuant to the over-allotment option) for gross proceeds of $1,666,250.
In total, the gross proceeds of the Offering amount to $10,200,000. The net proceeds from the sale of Common Shares will be used to fund feasibility and
development programs for the Prairie Creek Project, exploration programs at both the Prairie Creek Project and the Company’s Newfoundland properties, as well as for general working capital purposes.
The gross proceeds from the sale of Flow-Through Shares will be used to incur eligible Canadian Exploration Expenses and flow-through mining expenditures, as defined under the Income Tax Act (Canada), that will be renounced in favour of the purchasers with an effective date of no later than December 31, 2016. The funds are intended to be used to fund exploration programs on the Prairie Creek Project and the Company’s Newfoundland properties.

Click here to read the full press release.