Zinc One Resources Inc. (TSXV: Z) (OTC Pink: ZZZOF) (FSE: RH33) (“Zinc One” or the “Company”) is pleased to announce that it will conduct a non-brokered private placement of up to 16,666,666 units of the Company (“Units”) at a price of C$0.24 per Unit for gross proceeds of up to C$4,000,000 (the “Private Placement”).
Each Unit offered will be comprised of one common share and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder to purchase one additional common share of the Company at a price of C$0.35 per share for a period of three (3) years from the date of issuance.
The net proceeds of the Private Placement are expected to be used for exploration activities on the Bongará Zinc Mine Project in Peru, and for general corporate purposes.
Completion of the Private Placement remains subject to the approval of the TSX Venture Exchange. The securities issued in connection with the Private Placement will be subject to a four-month statutory hold period from the date of issuance, according to applicable securities laws. A finder’s fee may be payable on the private placement.