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Consolidated Zinc secures A$6.5M in commitments to accelerate Plomosas drilling

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Consolidated Zinc secures A$6.5M in commitments to accelerate Plomosas drilling

Consolidated ZincLtd. said May 6 that it has received firm commitments to place 162,500,000of its ordinary shares at 4 Australian cents each to raise A$6.5 million beforecosts.

Proceeds will be used to accelerate the resource underway in the Cuevitas zone andat Tres Amigos, both of which form parts of the Plomosas zinc project in northern Mexico.

Each share comes with a free 1-for-2 unlisted option. Each ofthe options, which expire Dec. 31, 2018, can be exercised for 6 cents apiece.

The issue will be completed in two tranches, with the first utilizingthe company's available 15% capacity by May 11 and the second subject to shareholderapproval at a later date.

Following the placement, Consolidated Zinc withdrew from thedrawdown facility withFunan Group Pte. Ltd., with initial funding available of up to A$2.2 million, announcedin December 2015. No break fees and penalties were incurred in relation to the facility.