COOKS BROOK, NOVA SCOTIA–(Marketwired – July 19, 2017) – ScoZinc Mining Ltd. (TSX VENTURE:SZM) (‘ScoZinc’ or the ‘Company’) announces that it held its Annual and Special Meeting of Shareholders on June 14th, 2017, (the ‘Annual Meeting’) and all motions were passed by shareholders.
At the Annual Meeting, the shareholders voted in favour of re-electing two current members of the Board of Directors, Victor Lazarovici (Chairman of the Board) and Louis Montpellier, along with two new directors, Michael Surratt and Christopher Hopkins. Mr. Surratt has over 35 years of international mining experience in developing, building and operating mining projects with companies including Mercator Minerals, Miramar Mining and Santa Fe Gold. He was the construction manager for numerous mine construction projects, expansion projects, and restart of operations, with a combined value of over $2 billion. He is currently a consultant to the mining industry specializing in acquisitions, evaluations, feasibility study oversight, construction, start up of operations, and operations optimization. Mr. Surratt holds a B.Sc. in Geology (1975). Mr. Hopkins has over 25 years of financial management experience in the resources industry. He has spent most of his career in senior roles with public mining companies including Kerr Mines Inc, U.S. Silver, Rio Algom, BHP Billiton, Suncor and several Canadian and international junior mining companies. He has broad junior resource experience in the areas of corporate finance, capital markets, mergers and acquisitions, valuations, strategic planning, investor relations, financial and management reporting. He has a Bachelor of Commerce from the University of Toronto, and a Chartered Accountant designation and MBA from the Schulich School of Business at York University. Mr. Hopkins is currently the CFO of Kerr Mines and held other senior roles including the CFO of Monarch Energy and CEO of Champagne Resources.
The Board granted incentive stock options (“Options”) to the directors, officers and employees of the Company under its Stock Option Plan to acquire up to an aggregate of 207,000 common shares (“Common Shares”); the first such grant in over two and a half years. All Options are exercisable for a period of five years at a price of $1.11 per Common Share, the closing price on July 12th, 2017. 25% of the Options will vest immediately and the remainder will vest in 25% increments every six months thereafter.
Upon the granting of the Options described above, ScoZinc will have 372,000 options outstanding under the Stock Option Plan with an average exercise price of $1.45 per option, representing 9.4% of the 3,941,046 Common Shares currently outstanding.
The Board of Directors also toured the ScoZinc operation near Halifax, Nova Scotia and met with key stakeholders during the period July 10 to 13, 2017 and held a Board meeting on July 13th. The Board has been considering all options for the project for a considerable period of time and has now determined to advance a study on the restart, taking into consideration the outlook for zinc and lead prices, financial market conditions as well as local support for the restart of the mine, and has directed management to proceed with preliminary studies required before a final determination can be made to restart operations at ScoZinc.
About ScoZinc Mining Ltd.
ScoZinc Mining Ltd. is an established Canadian-based zinc and lead exploration and development company that owns the ScoZinc Mine near Halifax, Nova Scotia. The Company has a strong working capital position and no debt. The Company has 3,941,046 common shares outstanding which are traded on the TSX Venture Exchange under the symbol “SZM”.
Neither 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.
