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Fireweed to buy Tom, Jason claims at Macmillan Pass zinc project

Fireweed Zinc Ltd. has decided to exercise its option to earn a 100% interest in the Tom and Jason claims and assets, part of the Macmillan Pass zinc project in Yukon, Canada, from Hudbay Minerals Inc.

The company will make the final C$750,000 payment and issue 3,565,406 shares, giving Hudbay a 15% interest.

Meanwhile, the company is raising about C$10 million, plus a C$1.5 million over-allotment option, via an offering of 3,810,000 common shares at C$1.32 per share and up to 3.0 million flow-through common shares at C$1.66 apiece.

RCF Opportunities Fund LP intends to purchase 4.0 million shares in the offering. The proceeds will be used for exploration and development of the Macmillan Pass project this year, and for general working capital purposes.

An NI 43-101-compliant preliminary economic assessment for the project is expected to be completed in the second quarter, the company said Feb. 6. The offering is expected to close Feb. 27.