Paladin’s Fission Uranium takeover delayed by Canada security review
The takeover has faced several hurdles, including a delayed shareholder vote in August and opposition from Fission’s largest investor.
Canadian Zinc Corp., the company developing a new zinc mine in the Northwest Territories, announced a major share purchase by a Chinese investor today.
Zhongrun International Mining Co., Ltd. (“Zhongrun”) and Zhongrun Resources Investment Corp., headquartered in Jinan City, Shandong Province, bought 6 million units of Canadian Zinc at 67 cents per unit.
The $4.02 million purchase brings the number of units owned by Zhongrun to 15 million common shares and 7.5 million warrants, which represents a 9.62% stake in Canadian Zinc.
Zhongrun is a subsidiary of Shandong Zhongrun, a public company listed on the main board of the Shenzhen Stock Exchange specializing in investments in natural resources and in real estate development.
Canadian Zinc’s Prairie Creek Mine cleared an environmental review in December, meaning the mine can proceed to the next stage of regulatory approvals.
The Prairie Creek deposit contains zinc, lead and silver minearalization. Measured and indicated resources stand at 5.8 million tonnes and the inferred resource is 5.5 million tonnes. Canadian Zinc Corp. plans to build the mine to process an initial 600 tonnes of ore per day, increasing to 1200 tonnes per day, for a minelife of 20 years.
Canadian Zinc stock was trading at double average volumes mid-day Monday, but the price was unchanged at 73 cents.
Comments
Mikeli0525
Do they hire geologists?