VANCOUVER, British Columbia, April 20, 2020 (GLOBE NEWSWIRE) -- Eastern Zinc Corp. ("Eastern Zinc" or the “Company”) (CSE:EZNC | OTC:ETZCF) is pleased to announce a non-brokered private placement of up to (the “Private Placement”) of 40,000,000 units (the "Units") of the Company at a price of $0.05 per Unit for gross proceeds of $2,000,000 (the “Offering”).
Each Unit consists of one (1) common share (the “Common Share”) and one (1) transferable common share purchase warrant (a “Warrant”). Each Warrant entitles the holder thereof to purchase one (1) additional Common Share of the Company for a period of two years from closing at a price of $0.10 per common share. All securities issued pursuant to the Private Placement are subject to a statutory four-month hold period pursuant to applicable securities laws of Canada.
Proceeds from the Offering will be used to advance the Company’s exploration projects in Canada and for working capital purposes. In connection with the Offering, the Company may pay a finder’s fee subject to the policies of the Canadian Securities Exchange. Any insider participation in the Offering is unknown at this time.
On behalf of the Board of Directors
EASTERN ZINC CORP.
Joel Dumaresq
Chair of the Board and Chief Financial Officer
Suite 810 – 789 West Pender Street, Vancouver, BC V6C 1H2
(604) 336-3195
About Eastern Zinc Corp.
Eastern Zinc is a Canadian junior mining and exploration company operating out of Vancouver, British Columbia. Eastern Zinc is engaged in the business of acquiring, exploring and developing natural resource properties with a focus on zinc properties/projects.
Eastern Zinc is listed on the Canadian Securities Exchange (“CSE”) and its common shares trade under the ticker symbol "EZNC." For more information on Eastern Zinc, please visit our website at www.easternzinc.com. Additional information relating to Eastern Zinc is available on SEDAR at www.sedar.com as well as on the CSE at www.theCSE.com.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking Information Statement
This press release may include “forward-looking information” (as that term is defined by Canadian securities legislation). Forward-looking information is based on certain expectations and assumptions made by Eastern Zinc, including future plans for the exploration and development of mineral properties. Although Eastern Zinc believes that such expectations and assumptions are reasonable, investors should not rely unduly on such forward-looking information as the company cannot give any assurance that they will prove to be correct. Forward-looking statements in this press release are made as of the date of this press release. Eastern Zinc disclaims any intent or obligation to publicly update any forward-looking information (whether as a result of new information, future events or results, or otherwise) other than as required by applicable securities laws.