Fireweed Zinc Ltd (TSX-V:FWZ) has announced a non-brokered private placement for gross proceeds of up to C$3.60 million.
The offering will consist of up to 4,500,000 flow-through common shares of the company at a price of C$0.80 per share.
The proceeds from the offering will be used for exploration and development of the company’s Macmillan Pass Project in Yukon, Canada; and specifically, will be used to incur Canadian Exploration Expenses (CEE) that qualify as “flow-through mining expenditures” under the Income Tax Act (Canada), all of which will be renounced to investors.
READ: Fireweed Zinc announces results from its 2021 drilling program at Boundary West, Yukon
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 under the offering will be subject to a statutory hold period of four months plus a day following the date of closing.
The company may pay finder’s fees on a portion of the offering, subject to compliance with the policies of the TSX Venture Exchange and applicable securities legislation.
Fireweed Zinc is a public mineral exploration company focused on zinc-lead-silver and managed by a veteran team of mining industry professionals.
The company is advancing its district-scale 940 km2 Macmillan Pass Project in Yukon, Canada, which is host to the 100% owned Tom and Jason zinc-lead-silver deposits with current Mineral Resources and a PEA economic study.
Contact the author at jon.hopkins@proactiveinvestors.com