15 December 2016
Vancouver, British Columbia, December 14, 2016 - Canadian Zinc Corporation (TSX: CZN; OTCQB: CZICF) (“the Company” or “Canadian Zinc”) is pleased to announce that it has closed the previous announced non-brokered private placement of flow-through shares.
The Company issued 6,666,664 common shares, which qualify as flow-through shares (the “FT Shares”) of the Company for purposes of the Income Tax Act (Canada) at a price of C$0.30 per FT Share, raising aggregate gross proceeds of C$2,000,000 (the “Placement”).
The net proceeds of the Placement 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 explore the Company’s properties, which include the Prairie Creek project in the Northwest Territories as well as the Long Lake, Tulks South and South Tally Pond projects in central Newfoundland.