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Fireweed Zinc upsizes previously announced placing to C$1 million

Fireweed said the offering will now consist of up to over 3.3 million shares at C$0.30 each with a full four-year warrant, exercisable at C$0.60 per share

Fireweed Zinc Ltd -
Proceeds will be used to advance the firm's Macmillan Pass project in Yukon and for general working capital

Fireweed Zinc Ltd (CVE:FWZ) (OTCMKTS:FWEDF) said Wednesday that it has upsized its previously announced placing to C$1 million from C$700,000 due to high interest from existing shareholders.

As reported earlier the financing is led by the group's large shareholders to advance its Macmillan Pass project in Yukon and for general working capital.

Fireweed said the offering will now consist of up to over 3.3 million shares at C$0.30 each with a full four-year warrant, exercisable at C$0.60 per share but subject to accelerated expiry terms if shares trade at or above $1 per share for 20 consecutive days.

READ: Fireweed Zinc set to raise up to C$700,000 from placing

"I want to thank our major shareholders who stepped up with their financial support to help the company weather these unprecedented difficult times," said chief executive Brandon Macdonald.

"It is an indication of their strong belief in our people and in our Macmillan Pass project which is one of the largest undeveloped zinc projects in the world.

"In the near term the company will be working on reduced budgets but with the extra time to interpret data and prepare for the next exploration and drill programs, we will be in a better position to aggressively advance the project when financing markets improve."

Fireweed is advancing its district-scale 544-square-kilimeter Macmillan Pass project in Yukon, Canada, which hosts its 100% owned Tom and Jason zinc-lead-silver deposits, which boast large mineral resources and a preliminary economic assessment (PEA).

Contact the author at [email protected]

Quick facts: Fireweed Zinc Ltd

Price: 0.59 CAD

TSX-V:FWZ
Market: TSX-V
Market Cap: $24.55 m
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Full interview: Fireweed Zinc closes financing adding 1.1 million to treasury

Fireweed Zinc (CVE: FWZ) President and CEO Brandon MacDonald joined Steve Darling from Proactive to discuss the company completing their financing in very tough market conditions. MacDonald discussing how many current shareholders and directors took part in that raise. MacDonald also told...

on 04/15/2020

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