FIREWEED ZINC LTD. (“Fireweed” or the “Company”) (TSXV: FWZ) is pleased to announce closing of its non-brokered private placement (the “Offering”) announced August 26, 2020 for gross proceeds of CAD$2.065 million. The Offering consists of 3,277,293 common shares of the Company at a price of CAD$0.63 per share (“Common Shares”) with a half two-year warrant exercisable at CAD$0.95 per share for gross proceeds of CAD$2,064,695.
The proceeds from the Offering will be used for exploration and development of the Company’s Macmillan Pass Project in Yukon, Canada, and for general working capital purposes.
The Offering remains subject to approval of the TSX Venture Exchange. All securities issued under the Offering will be subject to a statutory hold period of four months plus a day following the date of closing. The Company will pay finders fees in compliance with the policies of the TSX Venture Exchange and applicable securities legislation, to arm’s length finders in connection with subscriptions from subscribers introduced by them, totaling $89,586 and 142,200 warrants. All finder’s warrants are exercisable for 12 months from the date of issuance to acquire common shares of the Company at an exercise price of $0.70 per share.
About Fireweed Zinc Ltd. (TSXV: FWZ): Fireweed Zinc is a public mineral exploration company focused on zinc-lead-silver and managed by a veteran team of mining industry professionals. The Company is advancing its district-scale 544 km2 Macmillan Pass Project in Yukon, Canada, which is host to one of the largest undeveloped zinc-lead-silver resources in the world. The 100% owned Tom and Jason deposits have current Mineral Resources (11.21MT of 6.59% zinc, 2.48% lead & 21.33g/t silver Indicated plus 39.47MT of 5.84% zinc, 3.14% lead and 38.15g/t silver Inferred) and a PEA economic study (see Fireweed news releases dated January 10, 2018, and May 23, 2018, respectively, and reports filed on www.sedar.com for details) as well as the Boundary Zone, Tom North Zone and End Zone which have significant zinc-lead-silver mineralization drilled but not yet classified as mineral resources. The project also includes large blocks of adjacent claims (MAC, MC, MP, Jerry, BR, and NS) which cover exploration targets in the district where previous and recent work identified zinc, lead and silver prospects, and geophysical and geochemical anomalies in prospective host geology.