17 December 2020
NorZinc Ltd. is pleased to announce a non-brokered private placement of 18,750,000 flow-through common shares of the Company at a price of $0.08 per Flow-Through Share, for gross proceeds of $1,500,000.
In connection with the Private Placement, the Company may pay finders’ fees in cash or securities, or a combination of both, as permitted by the policies of the Toronto Stock Exchange.
The proceeds from the Private 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, 2021. The funds are intended to be used to fund exploration programs on the Company’s Prairie Creek Mine, located in the Northwest Territories property. The Private Placement remains subject to TSX approval. Flow-Through Shares issued in the Private Placement will be subject to a four-month hold period under applicable Canadian securities laws.