Zincore Announces Private Placement and Proposed Share Consolidation
VANCOUVER, BC--(Marketwired - June 16, 2016) - Zincore Metals Inc. (NEX BOARD: ZNC.H) ("Zincore" or the "Company") is pleased to announce that it intends to sell, on a private placement basis, up to 15,000,000 units ("Units") of the Company, subject to approval of the NEX Board of the TSX Venture Exchange (the "NEX") as more fully described below, at a price of $0.01 per Unit on a pre-consolidation basis for aggregate gross proceeds of up to $150,000 (the "Private Placement"). Each Unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to acquire an additional common share at a price of $0.01 per common share on a pre-consolidation basis for a period of six months from the closing date.
In connection with the Private Placement, the Company also announces that it plans to complete a five for one share consolidation (the "Consolidation"), subject to the approval of the NEX. The Company will be applying for a discretionary waiver of the NEX's minimum $0.05 pricing requirement, and the Company will provide to the NEX, as a condition to NEX acceptance of the Private Placement, a written undertaking confirming that that Company will proceed with the Consolidation within 30 days of the closing date of the Private Placement.
The proceeds of the Private Placement will be used to pay property taxes in Peru and for working capital requirements.
All shares issued pursuant to the Private Placement will be subject to a hold period expiring four months and a day following the date of issue. The Company may pay finder's fees in connection with the Private Placement.
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
