Shares of NorZinc were trading at C$0.035 as of 12:30 ET, down 12.5% for the day. The company’s market capitalization stands at C$26.5 million.
“Considering the interests of all stakeholders in the company and its Prairie Creek project, and in order to maintain the current development work at and accessing the site, the board has explored all viable strategic alternatives,” CEO Rohan Hazelton said in a media release. “Ultimately, it has concluded that the unsolicited all-cash offer to the minority shareholders contained within the arrangement agreement is in the best interests of the company and its stakeholders.”
“While we believe this asset has an exciting future, given the current capital markets, debt and equity position of the company, we believe this is the best alternative for the company and its shareholders at the present time. We are proud of the recent milestones achieved in permitting and indigenous…
