Fireweed Zinc Ltd. [FWZ-TSXV; FWEDF-OTC] closed its non-brokered private placement announced on April 22, 2021, for proceeds of $5-million, consisting of 6.25 million common shares of the company at 80 cents per share issued to a single strategic investor.
Proceeds from the financing will be used for general working capital purposes, cash reserves for future development, and exploration and development of the Macmillan Pass Project in the Yukon Territory.
Closing of the financing remains subject to regulatory approval.
Fireweed Zinc is advancing its district-scale 940-square-kilometre Macmillan Pass Project in Yukon, Canada, which is host to the 100%-owned Tom and Jason zinc-lead-silver deposits with current Mineral Resources and a PEA economic study, as well as the Boundary Zone, Tom North Zone and End Zone which have significant zinc-lead-silver mineralization drilled but not yet classified as mineral resources. The project also includes large blocks of adjacent claims (MAC, MC, MP, Jerry, BR, NS, Oro, Sol, Ben, and Stump) which cover exploration targets in the district where previous and recent work identified zinc, lead and silver prospects, and geophysical and geochemical anomalies in prospective host geology.