Suche
 
Folgen Sie uns auf:

Zincore Arranges Loan With First Quantum Minerals

22.03.2013  |  Marketwired

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/22/13 -- Zincore Metals Inc. (TSX: ZNC)(LMA: ZNC) ("Zincore", the "Company" or the "Borrower") is pleased to report that it has executed a loan agreement with First Quantum Minerals Ltd., ("First Quantum" or the "Lender") to provide the Company with US$2 million ("the Loan") for working capital purposes. The repayment of the Loan, which Zincore may choose to repay in cash, can convert at maturity into one of three options as selected by First Quantum: a credit against the Lender's obligations to incur exploration expenses at the two companies' Dolores joint venture project, a credit against the Lender's earn-in obligations at any new copper project with Zincore, or shares of Zincore stock, subject to shareholder approval.


Zincore CEO and President, Jorge Benavides, commented "This injection of funds into Zincore is a very positive event for our shareholders. It will allow us to continue to add value to the Company without having to issue new shares in this difficult market."


Mr. Benavides added "The innovative structure of this loan highlights two things. Number one, First Quantum has shown itself to be an excellent strategic partner by working with us to find a way in the current market conditions to help fund our progress in the most positive way for all our shareholders. Second, the fact that one of the repayment options allows the loan to be converted into an earn-in on a potential copper target that has only been identified by preliminary exploration, is a strong vote of confidence in the mineral potential of our property package."


Details of the Loan include:


AMOUNT: US$2 million


INTEREST: LIBOR plus 5% per annum payable on maturity


MATURITY: 1 year from the date of closing, or as extended by mutual agreement between both parties


REPAYMENT OPTIONS: Unless Zincore chooses to repay the Loan in cash prior to maturity, First Quantum will chose at or before maturity, one of the following three conversion options to receive repayment:



-- Credit all or a portion of the loan amount towards the Lender's
obligations to incur project expenditures for the Dolores joint venture
as per the terms announced by Zincore on July 13, 2012
-- Credit all or a portion of the Loan amount towards the Lender's
obligations to earn into any new copper target selected from the
Company's recent copper reconnaissance as announced by Zincore on
January 23, 2013
-- Convert all or a portion of the loan amount into Zincore shares, subject
to the prior approval of Zincore shareholders if the conversion would
result in First Quantum holding 20% or more of Zincore's outstanding
shares. Any conversion of loan amount into Zincore shares would be at
the greater of the volume weighted average trading price of the
Company's shares on the TSX for the five days prior to the date of
conversion, or CAD$0.08/share


Currently, First Quantum, through its subsidiary, FQM (Peru) Ltd., holds 42,067,745 Zincore common shares representing 19.99% of Zincore's issued and outstanding common shares.


The loan and any other transactions contemplated under this agreement are subject to, and are conditional upon, receipt of TSX approval.


About Zincore


Zincore is a Vancouver-based mineral exploration company focused mainly on zinc and related base metal opportunities in Peru. The Company's common shares trade on both the Toronto and Lima Stock Exchanges under the symbol ZNC. For more information, please see our website at www.zincoremetals.com


Forward-looking Statements: Statements in this release that are forward-looking, in particular with regards to the potential of the Company's new and existing projects are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Annual Information Form of Zincore dated March 19, 2012 which is filed with Canadian securities regulatory authorities and available on SEDAR (www.sedar.com). Such information contained herein represents management's best judgment as of the date hereof based on information currently available.

Contacts:

Zincore Metals Inc.

Adam Ho

Manager, Investor Relations

(604) 669-6611 ext. 3

(604) 669-6616 (FAX)
aho@zincoremetals.com
www.zincoremetals.com


Bewerten 
A A A
PDF Versenden Drucken

Für den Inhalt des Beitrages ist allein der Autor verantwortlich bzw. die aufgeführte Quelle. Bild- oder Filmrechte liegen beim Autor/Quelle bzw. bei der vom ihm benannten Quelle. Bei Übersetzungen können Fehler nicht ausgeschlossen werden. Der vertretene Standpunkt eines Autors spiegelt generell nicht die Meinung des Webseiten-Betreibers wieder. Mittels der Veröffentlichung will dieser lediglich ein pluralistisches Meinungsbild darstellen. Direkte oder indirekte Aussagen in einem Beitrag stellen keinerlei Aufforderung zum Kauf-/Verkauf von Wertpapieren dar. Wir wehren uns gegen jede Form von Hass, Diskriminierung und Verletzung der Menschenwürde. Beachten Sie bitte auch unsere AGB/Disclaimer!




Mineninfo
Zincore Metals Inc.
Bergbau
A3EEV6
CA98959P8698
Minenprofile
Alle Angaben ohne Gewähr! Copyright © by GoldSeiten.de 1999-2024.
Die Reproduktion, Modifikation oder Verwendung der Inhalte ganz oder teilweise ohne schriftliche Genehmigung ist untersagt!

"Wir weisen Sie ausdrücklich auf unser virtuelles Hausrecht hin!"