May 26, 2020 – Vancouver, BC – Eastern Zinc Corp. (“Eastern Zinc” or the “Company”) (CSE:EZNC| OTC:ETZCF) is pleased to announce that it has completed a non-brokered private placement (the “Private Placement”) of 40,000,000 units (the Units”) of the Company at a price of $0.05 per Unit for gross proceeds of $2,000,000 (the “Offering”). Each Unit consists of one (1) common share of the Company (the “Common Share”) and one (1) transferable common share purchase warrant (a “Warrant”). Each Warrant entitles the holder thereof to purchase one (1) additional Common Share for a period of 2 years from closing at a price of $0.15 per common share. The securities issued pursuant to the Offering are subject to a four (4) month hold period.
Finders fees of 7% finders shares and 7% finders warrants will be paid to three arm’s length finders in connection with this Offering.
The proceeds of the Offering are planned to be used by Eastern Zinc for general ongoing working capital and corporate purposes.
On behalf of the Board of Directors
EASTERN ZINC CORP:
Chair of the Board and Chief Financial Officer
Suite 810 – 789 West Pender Street, Vancouver, BC V6C 1H2
About Eastern Zinc Corp.
Eastern Zinc is a Canadian junior mining and exploration company operating out of Vancouver, British Columbia. Eastern Zinc is engaged in the business of acquiring, exploring and developing natural resource properties with a focus on zinc properties/projects.
Eastern Zinc is listed on the Canadian Securities Exchange (“CSE”) and its common shares trade under the ticker symbol “EZNC.” For more information on Eastern Zinc, please visit our website at www.easternzinc.com. Additional information relating to Eastern Zinc is available on SEDAR at www.sedar.com as well as on the CSE at www.theCSE.com.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release may include “forward-looking information” (as that term is defined by Canadian securities legislation). Forward-looking information is based on certain expectations and assumptions made by Eastern Zinc, including future plans for the exploration and development of mineral properties. Although Eastern Zinc believes that such expectations and assumptions are reasonable, investors should not rely unduly on such forward-looking information as the company cannot give any assurance that they will prove to be correct. Forward-looking statements in this press release are made as of the date of this press release. Eastern Zinc disclaims any intent or obligation to publicly update any forward-looking information (whether as a result of new information, future events or results, or otherwise) other than as required by applicable securities laws.