InZinc Mining Closes $1 Million Private Placement

 InZinc Mining (TSXV:IZN) announced it has closed its private placement, started on September 19, to raise total proceeds of $1,024,920 from selling 5,694,000 units. The proceeds will be used for the advancement of the company’s West Desert project as well as for general corporate purposes.

According to the press release:

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.

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