Zinncorp increases financing to 23 million units

2009-12-29 17:18 ET - News Release

Mr. Kevin Hull reports

ZINCCORP RESOURCES INC. INCREASES PRIVATE PLACEMENT

Zinccorp Resources Inc. has increased its private placement in Stockwatch Dec. 18, 2009, from 20 million to 23 million units, subject to regulatory approval.

The financing consists of flow-through or non-flow-through units priced at 8.5 cents. Each of the flow-through units consists of one flow-through common share and one non-flow-through, non-transferable share purchase warrant entitling the holder to purchase one additional common share for two years at a price of 10 cents per share. Each of the non-flow-through units consists of one non-flow-through common share and one non-flow-through, non-transferable share purchase warrant entitling the holder to purchase one additional common share for five years at a price of 10 cents per share in years one and two, 15 cents per share in year three and 20 cents per share in years four and five. In accordance with exchange policies, finders' fees may be paid on the funds raised.

Proceeds from the private placement will be used for exploration expenditures on the company's Ontario mineral properties as well as for general working capital.

Ken