In the news release, NorZinc Announces Shareholder Approval of Previously Announced RCF Royalty, issued 23-Dec-2019 by NorZinc Ltd. over PR Newswire, we are advised by the company that the headline, should read "NORZINC ANNOUNCES CLOSING OF $8 MILLION ROYALTY SALE" rather than "NorZinc Announces Shareholder Approval of Previously Announced RCF Royalty" as originally issued inadvertently. The complete, corrected release follows:
NORZINC ANNOUNCES CLOSING OF $8 MILLION ROYALTY SALE
VANCOUVER , Dec. 23, 2019 /CNW/ - NorZinc Ltd. (TSX: NZC; OTCQB: NORZF) (the "Company" or "NorZinc") the Company is pleased to report the closing of the sale of a 1% net smelter return royalty (the "Royalty") over the Company's Prairie Creek zinc-lead-silver mine in the Northwest Territories to RCF VI CAD LLC ("RCF") for a purchase price of C$8 million .
As announced in the Company's news releases dated September 30, 2019 and November 19, 2019 , RCF provided a short-term loan to the Company (the "Loan") of US$6 million , with interest at a rate of 8% per annum payable on maturity. Upon closing of the Royalty, the proceeds from the Royalty were used to repay the Loan, with interest, in full. RCF holds approximately 41% of the issued shares of the Company on a non-diluted basis.
NorZinc is a TSX-listed mine development company trading under the symbol "NZC". The Company is developing its key project, the 100%-owned high grade zinc-lead-silver Prairie Creek Mine, located in the Northwest Territories . The Company also owns projects in Newfoundland that host several zinc-lead-copper-gold-silver deposits.
SOURCE NorZinc Ltd.
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