VANCOUVER, BC --(Marketwired - July 04, 2016) - 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 11,036,750 units to exempt buyers at a price of C$0.01/unit, for gross proceeds of C$110,368. Each unit consists 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 C$0.01 per common share on a pre-consolidation basis for a period of six months from the closing date.
The Private Placement was made pursuant to the granting of a discretionary waiver of the minimum $0.05 pricing requirement of the NEX Board of the TSX Venture Exchange's (the "NEX") policies, whereby the Company has undertaken to complete a five for one share consolidation (the "Consolidation) within 30 days of the closing date of the Private Placement. The Company intends to close the final tranche of the Private Placement shortly.
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.
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.