Fireweed raises $35 million for zinc hunt in Canada

Fireweed Metals (TSXV: FWZ; OTCQB: FWEDF) has announced the closing of the non-brokered private placement first announced Nov. 29, 2022.

The offering consisted of three parts: 31.7 million shares at a price of $0.74 per share; 4.7 million flow-through shares of the company at a price of $0.88 per share; and 6.3 million premium flow-throughshares of the company at a price of $1.20 per share through a charitable donation arrangement. Gross proceeds will be approximately $35.1 million, a substantial increase over the initial $27 million offering.

The Lundin Family and Associates subscribed for a total of 27 million shares. Other key shareholders subscribed including Larry Childress for 3.3 million shares and Teck Resources Limited for 3.4 million shares. 

The proceeds from the offering will be used for exploration and development of the company’s projects in northern Canada, and for general working capital purposes. The gross proceeds from the issuance of all flow-through and premium flow-through shares will be used on the company’s zinc projects in Canada.

Brandon Macdonald, CEO of Fireweed, said, “We welcome the Lundin family as a major cornerstone shareholder and are excited to show them and all our other shareholders what we can do on a well-funded program. We also thank key shareholders such as Larry Childress and Teck for continuing to back us. Fireweed is now financed for our biggest ever program in 2023 and have our most catalyst-rich year ahead of us.”

For more information, visit www.FireweedMetals.com.