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Selwyn cancels $30 million bond financing for ScoZinc mine

Selwyn Resources (CVE:SWN) said on Monday that it has kyboshed its agency agreement for a proposed US$30 million bond financing for the restarting of its ScoZinc mine.

Selwyn said that Norwegian-based investment firm First Securities was to act as the company’s agent in regards to the proposed $30 million offering of secure senior bonds, which it has since terminated. 

The offering was to raise funds to restart the past producing zinc-lead mine in Nova Scotia known as the ScoZinc Mine.

Additionally, Selwyn said it continues to pursue other avenues to finance the restarting of the ScoZinc mine.

Earlier this month, the mineral explorer said that it received approval from the Minister of Environment for Nova Scotia regarding its proposed southwest expansion of the main zone of its ScoZinc mine.

In August, Selwyn began its exploration activities at the mine, which it acquired when it bought ScoZinc Ltd in June 2011. The program consisted of infill definition drilling and near-mine exploration in support of the mine's re-start activities.

Selwyn’s primary focus remains the exploration and development of the properties that make up the Selwyn project in the Yukon, which is operated by the joint venture comprised of Selwyn and Chihong Canada Mining.