NorZinc recently announced that, based on the unanimous recommendation of an independent special committee of its board of directors as well as unanimous approval by the Board, it has s accepted a takeover offer from private equity group RCF VI (RCF) to ensure the long-term viability of its Prairie Creek project in Canada’s Northwest Territories.
Rohan Hazelton, President & CEO, NorZinc stated, “The Company has been working to address challenges with respect to its debt situation and capital funding needs given the current market conditions. 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.
NorZinc said it has been seeking funding since early last year to support its long-term business plan, but the efforts had been unsuccessful to date.
Located in traditional Dene territory, the Prairie Creek Project comprises a mine and its surrounding land and access.