Canada Zinc Metals closes $500,000 private placement and proceeds with Option Deal on Kechika Regional Project â€" Pie, Cirque East and Yuen Properties
Vancouver, British Columbia, Canada – Tuesday, September 17, 2013 – Canada Zinc Metals Corp. (TSX Venture Exchange: CZX) is pleased to announce that the Company has completed a private placement with Teck Resources Limited (“Teck” TSX: TCK.B) for 1,250,000 units of Canada Zinc Metals at a price per unit of $0.40, resulting in a total subscription of $500,000. Each unit consists of one common share and one share purchase warrant that will entitle Teck to purchase one additional common share of Canada Zinc Metals within 24 months at a price of $0.40 per share. The securities issued under the private placement are subject to resale restrictions expiring on January 17, 2014.
The Company has also been advised by the TSX Venture Exchange (the "Exchange") that the Exchange has approved the previously announced option agreement with Teck that will see Teck earn into the Company’s Pie, Cirque East and Yuen properties; three of the 10 regional properties that make up the Kechika Regional Project. Details of the option agreement are contained in the Company's news release of September 9, 2013
Peeyush Varshney, President & CEO of the Company, commented “We are pleased to welcome Teck as an important shareholder of the Company and look forward to Teck's exploration efforts on some of our highly prospective regional Kechika Trough properties. This deal adds to the already noteworthy investment in the Company by Lundin Mining (TSX: LUN) and Tongling Nonferrous Metals of China.”
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.
ON BEHALF OF THE BOARD OF DIRECTORS
CANADA ZINC METALS CORP.
PEEYUSH VARSHNEY, LL.B
CEO & CHAIRMAN