Canadian Zinc Corp. said Sept. 6 that it completed a previously announced restructuring, backed by shareholder approval.
The reorganization resulted in the company splitting into a publicly-listed holding corporation, named NorZinc Ltd., and a directly-held operating subsidiary retaining the name Canadian Zinc.
Canadian Zinc will hold the Prairie Creek zinc project in Canada's Northwest Territories, along with all of the assets, agreements and permits. The reorganization aimed to structure the company's assets to facilitate future financing for Prairie Creek.
As part of the arrangement, shares of Canadian Zinc will be exchanged for NorZinc shares, on a 1-for-1 basis.
NorZinc will start trading on the Toronto Stock Exchange under the ticker NZC, effective Sept. 11.