Fireweed Zinc Limited (CVE:FWZ) has completed the non-brokered private placement the group announced on March 31, raising gross proceeds of C$1,142,301.
The company said the proceeds from the offering will be used for work-related to its Macmillan Pass Project in Yukon, Canada, and for general working capital purposes.
In a statement, Brandon Macdonald, Fireweed’s CEO commented: “I want to thank our shareholders and directors who stepped up with their financial support to help the Company weather these unprecedented difficult times. It is an indication of their strong belief in our ongoing work.
“The financing will allow the Company’s highly skilled technical team to continue advancing our Macmillan Pass Project which is one of the largest undeveloped zinc projects in the world.”
In connection with the closing of the offering, the company will issue an aggregate of 3,807,670 units at a price of C$0.30 each, with a unit consisting of one common share in the company and one whole non-transferable common share purchase warrant.
Each whole warrant is exercisable to acquire one share at an exercise price of C$0.60 per share until April 14, 2024, which is 48 months from the date of issuance, subject to an acceleration right.