Zincore Announces Shares for Debt Settlement
VANCOUVER, BC--(Marketwired - May 05, 2017) - Zincore Metals Inc. (NEX BOARD: ZNC.H) ("Zincore" or the "Company") reports that it has entered into a Shares for Debt Agreements (the "Settlement Agreements") with certain creditors whereby Zincore will issue common shares of the Company at a deemed price of $0.195 per share in settlement of amounts owing. Pursuant to the Settlement Agreements, $1,059,222 in debt will be settled by issuance of a total of 5,431,910 shares of Zincore.
Issuance of the shares will not result in the creation of any new control persons.
Pursuant to Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions ("MI 61-101") and TSX Venture Exchange Policy 5.8, a portion of the shares for debt transaction constitutes a "related party transactions" as a related party will receive 2,045,027 shares in connection therewith. The Company is relying on exemptions from the formal valuation and minority approval requirements of MI 61-101 contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101.
The Shares for Debt Settlement is subject to the approval of the TSX Venture Exchange and all shares issued will be subject to a four-month hold period from the settlement date.
About Zincore
Zincore is a Vancouver-based mineral exploration company focused on zinc and related base metal opportunities in Peru. The Company's common shares trade on the NEX Board of the TSX Venture Exchange under the symbol ZNC.H. For more information, please see our website at www.zincoremetals.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward Looking Statements
This news release contains certain forward-looking statements, Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or does not expect", "is expected", anticipates" or "does not anticipate" "plans", "estimates" or "intends" or stating that certain actions, events or results " may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to materially differ from those reflected in the forward-looking statements.
Contact
For more information please contact:
Zincore Metals Inc.
Adam Ho
CFO & VP, Corporate Development
(604) 669-6611
aho@zincoremetals.com