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Fireweed will discontinue the previously announced total revenue of C $ 13.1M, Canadian Business Journal

Not for distribution to US news agencies or dissemination in the US

Vancouver, British Columbia, May 27, 2022 (GLOBE NEWSWIRE) — FIREWEEDZ INCLTD. (“”Fireweed” or “Company(TSXV: FWZ; OTCQB: FWEDF; FSE: 20F) announced the end of the second and final tranche of a non-mediated private placement (“RecruitmentIt was first announced on March 17, 2022. The second tranche consists of 2,885,715 common shares priced at $ 0.70 per share and 100,000 flow-through common shares priced at $ 0.99 per share for a total revenue of $ 2,119,000. I did. In total, there are two tranches of funding: a total of 8,472,159 common shares at a price of $ 0.70 per share and 7,300,000 flow-through shares at a price of $ 0.99 per share, for a total revenue of $ 13,157,511. Consists of.

highlight

  • Significantly oversubscribed $ 13.1 million offering, first $ 9.7 million opening
  • Participation in the Teck Resources Limited (“Teck”) offering will increase interest in us from 4.9% to approximately 8.7%.
  • With Ibaera participating in the offering, interest in us will increase from 8.3% to about 10.7%.
  • HNWI third investor invested another $ 3.5 million
  • This offering provides Fireweed with funding to expand the 2022 work program for the Macmillan Pass Project in Yukon, Canada, providing future resource updates and preliminary economic assessments without further funding. increase.

Brandon Macdonald, CEO of Fireweed, said: This is a testament to the quality of the McMillan Pass project and the ability of the Fireweed team to not only give up support for this funding, but also to significantly scale it up. With nearly $ 20 million in banks today, we have run the largest drilling program to date and tackled the challenge of accurately demonstrating how unrivaled McMillan Pass is among the undeveloped zinc assets. .. ”

The total offering consisted of 8,472,159 shares of common stock at a price of C $ 0.70 per share and 7,300,000 flow-through shares at a price of C $ 0.99 per share, with total revenue of C $ 13,157,511. The second and final tranche consists of 2,885,715 common stock priced at $ 0.70 per share and 100,000 flow-through common stock priced at $ 0.99 per share for a total revenue of $ 2,119,000. I did. Tech purchased 4,285,714 shares of our common stock and Ivaela Capital purchased 3,571,429 shares of common stock. The offering also includes major US shareholders who have invested $ 3.5 million to significantly increase their positions.

The proceeds from the offering will be used for exploration and development of our Macmillan Pass project in Yukon, Canada, and for general working capital purposes. The total proceeds from the issuance of all flow-through shares will be used to cover the costs of exploration in Canada (“CEE“) And is considered a” flow-through mining expenditure “under the Income Tax Act (Canada). This will be waived in total to purchasers of flow-through shares arriving by December 31, 2022. Less than the income earned from the issuance of flow-through shares. We will charge a finder fee in accordance with TSX Venture Exchange policy and applicable securities law to the arm length finder associated with the subscription from the referred subscriber for a total of $ 108,840 from the issue date. Pay 153,000 warrants that can be exercised monthly. Acquire our common stock at an exercise price of $ 0.70 per share.

Our insiders acquired a total of 115,000 shares of common stock in the offer. This participation constituted a “related party transaction” as defined in the Protection of Minority Securities Holders (“MI61-101”) in Multilateral Securities 61-101 Special Transactions. Such participation is a formal valuation of MI61-101 and minority shareholders, as neither the fair market value of securities acquired by insiders nor the consideration for securities paid by such insiders exceeds 25% of our market. Exempt from the approval requirements of. Capitalization. As required by MI 61-101, we did not require the nature of the transaction with the relevant parties to be relatively important and therefore, within 21 days of the completion of the offering, a material change report related to the offering. I advise you to submit. It can be considered reasonable to complete the offering, and generally in the situation.

This offering requires final approval from the TSX Venture Exchange. All securities issued under the offering are subject to a statutory holding period of four months and the day after the closing date.

About Fireweed Zinc Ltd. (TSXV: FWZ): Fireweed Zinc is a public mineral exploration company focused on zinc-lead-silver and managed by a team of veteran mining experts. The company has two projects in northern Canada.

  • McMillan Pass Zinc-Lead-Silver Project: Fireweed owns 100% of the district scale of 940km2 Macmillan Pass Project in Yukon, Canada. There are Tom and Jason zinc-lead-silver deposits, and current mineral resources and PEA economic research are being conducted (see Fireweed news release dated 10).th January 2018, and 23rd Zinc-lead-silver mineralization drilled in May 2018, respectively, and in a report submitted to www.sedar.com for more information), and in the Boundary Zone, Boundary Zone West, Tom North Zone, and End Zone. However, it has not yet been classified as a mineral. Financial resources. The project also includes a large block of adjacent claims with known indications and significant upward exploration potential.
  • Gaina River Zinc-Gallium-Germanium Project: Fireweed has 100% of 128.75km2 The Gaina River Project, located 180 kilometers north of the McMillan Pass Project. It has the mineralization of a wide range of important minerals such as zinc, gallium, germanium, lead and silver, with historic drilling of 28,000 meters and potential for significant ascents.

In Canada, Fireweed (TSXV: FWZ) is traded on the TSX Venture Exchange. In the United States, Fireweed (OTCQB: FWEDF) deals with early and developing US and international companies in the OTCQB venture market. The company is currently reporting and undergoes an annual verification and management certification process. Investors can find real-time quotes and market information for the company at www.otcmarkets.com.In Europe, Fireweed (FSE: 20F) is traded on the Frankfurt Stock Exchange...

Additional information about Fireweed Zinc and its Macmillan Pass Zinc project, including maps and drill sections, can be found on our website (www.FireweedZinc.com) and www.sedar.com.

FIREWEEDZ INCLTD.on behalf

“”Brandon McDonald

CEO and director

Neither TSX Venture Exchange nor its Regulatory Service Provider (the term is defined in the TSX Venture Exchange Policy) is responsible for the validity or accuracy of this release.

Notes

Providing a disclosure statement
This news release does not constitute an offer to sell or buy securities in the United States. Securities have not been and will not be registered under the Securities Act of 1933 (“US Securities Act”) or the State Securities Act. It may not be offered or sold in the United States or to Americans. Unless registered under US securities law and applicable state securities law or an exemption from such registration is available.

Description of future prospects
This news release may contain statements and information about the “future outlook” related to the company and its projects based on the beliefs of the company’s management, as well as assumptions and information currently available to the company’s management. I have. Such statements reflect current risks, uncertainties, and assumptions associated with specific factors. This includes, but is not limited to, exploration and development risks, spending and financing requirements, general economic conditions, changes in financial markets, pandemic impacts and capabilities. Sufficient capital and funding for ongoing business, rights issues, first-country relations, business risks, political and economic factors, competition to properly and efficiently staff the company’s business Factors, metal prices, relationships with vendors and strategic partners, government regulatory oversight, permits, seasonality and weather, technological changes, industry practices, and one-off events. If one or more risks or uncertainties become apparent or change, or if the underlying assumptions are found to be incorrect, statements regarding actual results and future prospects are those contained herein. May differ significantly from. We undertake no commitment to update forward-looking statements or forward-looking information except as required by law.

contact:

Brandon McDonald
(604) 646-8361


CBJ News Maker

Fireweed will discontinue the previously announced total revenue of C $ 13.1M, Canadian Business Journal

Source link Fireweed will discontinue the previously announced total revenue of C $ 13.1M, Canadian Business Journal

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