COOKS BROOK, NOVA SCOTIA--(Marketwired - June 30, 2016) - ScoZinc Mining Ltd. (formerly Selwyn Resources Ltd.) (TSX VENTURE:SZM) ('ScoZinc' or the 'Company') announces that it held its Annual and Special Meeting of Shareholders on June 28th, 2016, (the 'Annual Meeting') and all motions were passed by shareholders.
At the Annual Meeting, the shareholders voted in favour of re-electing the current Board of Directors along with a new director, Jad Fakhry, who joins the Company with a background of investment and financial analysis. Mr. Fakhry is a member of the Board of Directors of The Stephan Co., a specialty distribution company. He is a Managing Member of Poplar Point Capital Management LLC, a private investment partnership he founded in 2012. Prior to that, he was an analyst at Farallon Capital Management. Mr. Fakhry graduated from Stanford University with a BA in Economics in 2002.
The Company has granted Mr. Fakhry incentive stock options ("Options") under its Stock Option Plan to acquire up to an aggregate of 33,000 common shares ("Common Shares"). All Options are exercisable for a period of five years at a price of $0.70 per Common Share. 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 264,000 options outstanding under the Stock Option Plan with an average exercise price of $1.77 per option, representing 6.7% of the 3,941,046 Common Shares currently outstanding. The Stock Option Plan currently limits the issuance of Options to no more than 10% of the current issued and outstanding Common Shares.
In response to the continuing challenges facing the mineral exploration and mining industry, ScoZinc has implemented and continues to monitor cost reduction initiatives and prepare for the eventual upturn in the metal price environment. The Company continues to pursue opportunities to maximize the value of its ScoZinc Mine and its related exploration projects. These opportunities include, but are not limited to, the possible sale, joint venture, or other transactions with third parties. Except as required by law, the Company does not intend to disclose developments with respect to the consideration of strategic alternatives until warranted. The Company cautions that there are no assurances that any strategic alternative will be undertaken or pursued.
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, that has the necessary approvals to restart operations. 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.