ReMac Zinc Corp.
TSX VENTURE : RMZ

ReMac Zinc Corp.

July 14, 2010 18:11 ET

ReMac Provides Update on Proposed Reverse Takeover Transaction

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 14, 2010) - ReMac Zinc Corp. ("ReMac") (TSX VENTURE:RMZ) is pleased to provide the following update with respect to a proposed reverse takeover transaction with Corazón Exploraciones S.A., ("Corazón") as previously announced by ReMac on June 14, 2010.

Pursuant to a non-binding letter of intent dated June 11, 2010 (the "LOI"), ReMac has agreed to acquire all of the issued and outstanding shares of Corazón in exchange for the issuance to Corazón of 23,333,334 common shares in the capital of ReMac (the "Transaction"). ReMac and Corazón have been working to finalize a definitive agreement with respect to the Transaction in accordance with the terms of the LOI. ReMac will announce entry into the definitive agreement once it has been executed by the parties. ReMac and Corazón have agreed to complete the Transaction on or before August 31, 2010.

Upon completion of the Transaction, ReMac anticipates that it will be classified as a mining issuer under the policies of the TSX Venture Exchange (the "Exchange") and will be engaged in the exploration and development of prospective gold properties.

Trading of ReMac's common shares on the Exchange will remain halted until the Transaction is accepted by, or satisfactory documentation has been filed with, the Exchange pursuant to Section 3.4 of Exchange Policy 5.2.

About Corazón Exploraciones S.A.

Corazón was incorporated in the Republic of Nicaragua in 2010. It is engaged in the acquisition, exploration and development of mineral properties in Nicaragua.

Previous Business of ReMac

ReMac's previous business consisted of the exploration of its zinc project in British Columbia. A geological evaluation of the drilling results was completed and a new digital database of these drill results combined with all historical drill program data has been completed. ReMac's management has determined not to expend further funds on the development of the zinc project at this time due to the lack of availability of acceptable financing following the dramatic decrease in zinc prices.

Completion of the Transaction is subject to a number of conditions, including Exchange acceptance and disinterested shareholder approval. The Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the Management Information Circular and/or Filing Statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of ReMac should be considered highly speculative.

The TSX Venture Exchange has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this press release.

ON BEHALF OF THE BOARD

REMAC ZINC CORP.

Per: "J. Stephen Barley"
 J. Stephen Barley
 President

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.

Contact Information

  • ReMac Zinc Corp.
    J. Stephen Barley
    President
    (604) 633-5088