Business
Zincore and Mines & Metals Trading (Peru) Enter into Business Combination Agreement
VANCOUVER, BC / ACCESSWIRE / December 24, 2019 / Zincore Metals Inc. (NEX:ZNC.H ) (" Zi...
About this update from Golden Cross Resources Inc.
[{"type":"text","content":"Zincore and Mines & Metals Trading (Peru) Enter into Business Combination AgreementVANCOUVER, BC / ACCESSWIRE / December 24, 2019 / Zincore Metals Inc. (NEX:ZNC.H) (\"Zincore\" or the \"Company\") is pleased to announce that it has entered into an arm's length definitive business combination agreement dated December 23, 2019, with Mines & Metals Trading (Peru) PLC (\"MMTP\") providing for the reverse takeover of Zincore by MMTP (the \"Transaction\").Upon completion of the Transaction, it is anticipated that the Company (the \"Resulting Issuer\") will be listed as a Tier 2 issuer on the TSX Venture Exchange (\"TSX-V\") and will continue the exploration and development of MMTP's Recuperada zinc-lead-silver project in Huancavelica, Peru, and the reactivation of Zincore's Accha Zinc Oxide District (\"AZOD\") Project.MMTP President and CEO, José María García commented, \"After successfully resuming operation in 2019, we are excited to make a sustainable base metals production profile in Peru accessible to investors and the public capital markets. The combined company will focus on developing Recuperada's full potential while exploring further growth potential in the region.\"Zincore President and CEO, Jorge Benavides, added, \"We are excited to conclude this Agreement with MMTP and are working as quickly as possible to conclude the other elements of the Transaction, so that our shareholders may benefit from a return to market trading in our shares and exposure to the Recuperada asset\".Information Concerning MMTPMMTP, a company incorporated under the Companies Act (2006) (Isle of Man), is a young and dynamic mining company with a vision to extract full value from undervalued projects across Latin America. MMTP's primary asset is the Recuperada silver-lead-zinc property, located in Huancavelica, Peru, which consists of 178 concessions covering a total of 11,261.32 hectares hosting a network of mineral-bearing veins, advanced infrastructure from historical underground mining operations, and an ore processing plant with processing capacity of 600 tonnes of ore per day and 210,000 tonnes of ore per year.Details of the TransactionThe Business Combination Agreement provides that Zincore will acquire 100% of the issued and outstanding ordinary shares of MMTP (the \"MMTP Shares\") by way of a three-cornered merger (the \"M...