Market Overview

NorZinc Announces Shareholder Approval of Previously Announced RCF Royalty

Share:

NZC-TSX
NORZF-OTCQB

VANCOUVER, Dec. 23, 2019 /CNW/ - NorZinc Ltd. (TSX:NZC, OTCQB:NORZF) (the "Company" or "NorZinc") the Company is pleased to report the closing of the sale of a 1% net smelter return royalty (the "Royalty") over the Company's Prairie Creek zinc-lead-silver mine in the Northwest Territories to RCF VI CAD LLC ("RCF") for a purchase price of C$8 million.

NorZinc Ltd. (CNW Group/NorZinc Ltd.)

As announced in the Company's news releases dated September 30, 2019 and November 19, 2019, RCF provided a short-term loan to the Company (the "Loan") of US$6 million, with interest at a rate of 8% per annum payable on maturity. Upon closing of the Royalty, the proceeds from the Royalty were used to repay the Loan, with interest, in full. RCF holds approximately 41% of the issued shares of the Company on a non-diluted basis.

About NorZinc

NorZinc is a TSX-listed mine development company trading under the symbol "NZC". The Company is developing its key project, the 100%-owned high grade zinc-lead-silver Prairie Creek Mine, located in the Northwest Territories. The Company also owns projects in Newfoundland that host several zinc-lead-copper-gold-silver deposits.

SOURCE NorZinc Ltd.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2019/23/c4682.html

View Comments and Join the Discussion!
 
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com