Fireweed Zinc Ltd (CVE:FWZ) (OTCMKTS:FWEDF) announced Thursday a non-brokered private placement to raise up to C$2 million.
The proceeds will be used for the exploration and development of the company’s Macmillan Pass Project in Yukon, Canada, and for general working capital purposes.
The offering will consist of up to 3,174,603 common shares at C$0.63 each with a half two-year warrant exercisable at C$0.95 per share.
READ: Fireweed Zinc ramps up exploration at Macmillan Pass
“We welcome the additional demand from strong investors and are glad to add more to our already healthy cash position,” said CEO Brandon Macdonald in a statement.
“These additional funds give us the flexibility to expand this summer’s program, pursue additional engineering studies, or engage in any manner of items on our wish-list, while also adding a comfortable cash surplus in volatile times.”
Closing of the offering is subject to certain customary conditions, including, but not limited to, the receipt of all necessary regulatory approvals and acceptance of the TSX Venture Exchange. All securities issued will be subject to a statutory hold period of four months plus a day following the date of closing.
Fireweed is a mineral exploration firm focused on zinc and is aiming to advance the Macmillan Pass project, which hosts the Tom and Jason zinc-lead-silver deposits.
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