Canada Zinc Metals Closes Non-Brokered Private Placements - Second Tranche
Vancouver, British Columbia, Canada – Friday, October 10, 2014 – Canada Zinc Metals Corp. (TSX Venture Exchange: CZX) )(the “Company”) is pleased to announce that, further to its news releases dated September 26, 2014 and September 30, 2014, it has received final TSX Venture Exchange acceptance for closing the 2nd tranche of the non-brokered private placement which consists of 988,220 flow-through common shares of the Company at a price of $0.55 per Flow-Through Share, for total gross proceeds of $543,521. In addition, 580,750 non Flow-Through Units of the Company were issued at a price of $0.50 per Unit for total gross proceeds of $290,375. Each Unit consists of one common share and one-half share purchase warrant of the Company. Each whole warrant entitles the holder to purchase one additional common share at a price of $0.75 for a period of 12 months from closing.
The shares issued are subject to a resale restriction expiring February 10, 2015.
The Company paid $39,610 as finder’s fees to Secutor Capital Management Corp.
About the Akie Property
The Akie zinc-lead property is situated within the southern-most part (Kechika Trough) of the regionally extensive Paleozoic Selwyn Basin, one of the most prolific sedimentary basins in the world for the occurrence of SEDEX zinc-lead-silver and stratiform barite deposits.
Drilling on the Akie property by Inmet Mining Corporation during the period 1994 to 1996 and by Canada Zinc Metals since 2005 has identified a significant body of baritic-zinc-lead SEDEX mineralization (Cardiac Creek deposit). The deposit is hosted by variably siliceous, fine grained clastic rocks of the Middle to Late Devonian ‘Gunsteel’ formation. The Company has outlined a NI 43-101 compliant inferred resource of 23.6 million tonnes grading 7.6% zinc, 1.5% lead and 13.0 g/t silver (at a 5% zinc cut off grade).
In addition to the Akie property, Canada Zinc Metals Corp. controls a large contiguous group of claims which comprise the Kechika Regional project. These claims are underlain by geology identical to that on the Akie property (Cardiac Creek deposit) and Cirque. This project includes the 100% owned Mt. Alcock property, which has yielded a historic drill intercept of 8.8 metres grading 9.3% zinc+lead, numerous zinc-lead-barite occurrences, and several regional base metal anomalies.
Ken MacDonald P.Geo., Vice President of Exploration, is the designated Qualified Person as defined by National Instrument 43-101 and is responsible for the technical information contained in this release.
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