VANCOUVER, BC, Nov. 15, 2021 /CNW/ - NorZinc Ltd.
(TSX: NZC) (OTCQB: NORZF) (the "Company" or
"NorZinc") is pleased to announce that it has completed the
previously announced sale of NorZinc's Newfoundland mineral properties (the
"Transaction") to Canterra Minerals Corporation
("Canterra"), being the South Tally Pond / Lemarchant
Project, the Tulks South Project, the Long Lake Project and the
Victoria Mine (collectively, the "Assets").
In accordance with the terms of the asset purchase agreement,
NorZinc sold 100% of the Assets to Canterra in exchange for
consideration of $2,237,500,
comprised of $250,000 in cash and
6,625,000 common shares of Canterra at a deemed price of
$0.30 per share (the
"Consideration Shares").
The Consideration Shares are subject to certain contractual
lock-up requirements pursuant to which, except in certain
circumstances, 3,000,000 Consideration Shares may not be
transferred until May 15, 2022 and
the remaining 3,625,000 Consideration Shares may not be transferred
until November 15, 2022. The
Consideration Shares are also subject to a statutory 4-month hold
period pursuant to securities law requirements.
Rohan Hazelton, CEO of NorZinc
Ltd commented, "The sale of our Newfoundland mineral properties strengthens
our balance sheet and allows us to invest further in our flagship
asset, Prairie Creek, a high-grade zinc-silver-lead project in the
Northwest Territories,
Canada.
Advisors and Counsel
Paradigm Capital acted as
financial advisor to NorZinc Ltd, and DuMoulin Black LLP and Cox
& Palmer LLP acted as NorZinc's legal counsel.
About Canterra Minerals
Canterra is a Canadian
resource company focused on gold exploration on the island of
Newfoundland. Canterra is earning
a 100% interest in the Wilding and Noel Paul Gold Projects, located
50km south, by logging road, from Millertown and directly northeast of Marathon
Gold's Valentine Lake Gold Project in Central Newfoundland. Canterra's team has more
than 100 years of experience searching for gold and diamonds in
Canada and have been involved in
the discovery of the Snap Lake diamond mine, in addition to the
discovery of the Blackwater Gold deposit in British Columbia, Canada.
About NorZinc
NorZinc is a TSX-listed mine
development Company trading under the symbol "NZC" and on the OTCQB
under the symbol "NORZF". NorZinc is developing its key project,
the 100%-owned high grade silver-zinc-lead Prairie Creek Project,
located in the Northwest
Territories.
Cautionary Statement – Forward-Looking Information
This press release contains "forward-looking information" and
"forward-looking statements" (collectively, "forward-looking
statements") within the meaning of applicable Canadian securities
legislation. All statements, other than statements of historical
fact, are forward-looking statements and are based on expectations,
estimates and projections as at the date of this press release. Any
statement that involves discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions,
future events or performance (often but not always using phrases
such as "expects", "is expected" "anticipates", "plans", "budget",
"scheduled", "forecasts". "estimates", "believes" or intends" or
variations (including negative and grammatical variations) of such
words and phrases or stating that certain actions, events or
results "may" or "could, "would", "might" or "will" be taken to
occur or be achieved) are not statements of historical fact and may
be forward-looking statements. In this press release,
forward-looking statements relate, among other things, to:
necessary regulatory approvals, including the final acceptance of
the TSX Venture Exchange. These statements are based upon
assumptions that are subject to significant risks and
uncertainties, including assumptions that the parties to the
Agreement will be able to obtain regulatory approvals. Although
NorZinc considers these assumptions to be reasonable based on
information currently available to them, they may prove to be
incorrect, and the forward-looking statements in this press release
are subject to numerous risks, uncertainties and other factors that
may cause future results to differ materially from those expressed
or implied in such forward-looking statements. Such risk factors
may include, among others, the risk that required approvals are not
obtained. Although NorZinc believes that the expectations reflected
in forward-looking statements are reasonable, they can give no
assurances that the expectations of any forward-looking statements
will prove to be correct. Except as required by law, NorZinc
disclaims any intention and assumes no obligation to update or
revise any forward-looking statements to reflect actual results,
whether as a result of new information, future events, changes in
assumptions, changes in factors affecting such forward-looking
statements or otherwise.
SOURCE NorZinc Ltd.