Fireweed Zinc Ltd (CVE:FWZ) (OTCMKTS:FWEDF) (FRA:20F) has announced a C$3.6 million private placing to be used to further explore its giant Macmillan Pass project in Yukon, Canada.
Macmillan is a district-scale 940 square kilometres (sq km) property, which hosts the Tom, Jason, Boundary Zone, and End Zone zinc-lead-silver deposits.
READ: Fireweed Zinc poised for borehole muon tomography survey this summer at Macmillan Pass zinc project
Tom and Jason already comprise a combined Indicated resource of 11.21 million tonnes (Mt) of 9.61% zinc equivalent, 6.59% zinc, 2.48% lead, 21.33 g/t silver, with the potential to expand further.
In a brief statement, Fireweed said the offering will consist of up to 4 million flow-through common shares of the company at a price of C$0.90 each.
The gross proceeds from the flow-through shares will be used to incur Canadian Exploration Expenses (CEE), and will qualify as "flow-through mining expenditures" under the Income Tax Act (Canada), said the company.
They will be renounced to the purchasers of flow-through shares with an effective date no later than December 31, 2021, in an aggregate amount no less than the proceeds raised from the issue of the flow-through shares.
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