VANCOUVER, BC–(Marketwired – June 30, 2017) – Zincore Metals Inc. (NEX BOARD: ZNC.H) (“Zincore” or the “Company“) is pleased to announce it has closed the initial tranche of its previously announced private placement of units (the “Private Placement”) of the Company. In this initial tranche, the Company has issued an aggregate of 947,682 units to exempt buyers at a price of C$0.14/unit, for gross proceeds of C$132,675. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to acquire an additional common share at a price of C$0.21 per common share for a period of twelve months from the closing date.
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.
As an insider of the Company has subscribed for units pursuant to the Private Placement, the issuance of those units to the insider (the “Insider Participation”) will be considered to be a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 (“MI 61-101”). The Company intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(b) and 5.7(1)(a) of MI 61-101 in respect of any Insider Participation.
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.
For more information please contact:
Zincore Metals Inc.
Adam Ho
CFO
(604) 669-6611
aho@zincoremetals.com