Fireweed Zinc (FWZ.V) should be in the final stretch to close its financing, raising a total of C$4.9M after the size of the originally announced C$3.5M placement was increased to C$4.9M. Approximately C$1.6M will be raised in hard dollars while an additional C$3.3M will be raised through issuing flow-through shares priced at C$0.65 and C$0.76. The common shares and the charity flow-through shares will each have a half warrant with a strike price of C$0.80 and expiring two years after closing the placement.
As the proceeds of the flow-through funds will have to be used by the end of this year, Fireweed Zinc appears to be planning a very aggressive exploration campaign at its district scale Macmillan Pass zinc-lead project in Canada’s Yukon Territory. Once the financing closes, we’ll provide some more insight in the use of proceeds.
Disclosure: The author has a long position in Fireweed zinc and will participate in the current raise as well.