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Zincore Provides Update on Mines & Metals Trading (Peru) Reverse Takeover Transaction
VANCOUVER, BC / ACCESSWIRE / August 14, 2019 / Zincore Metals Inc. (TSXV:ZNC.H ) (“...
About this update from Golden Cross Resources Inc.
[{"type":"text","content":"Zincore Provides Update on Mines & Metals Trading (Peru) Reverse Takeover TransactionVANCOUVER, BC / ACCESSWIRE / August 14, 2019 / Zincore Metals Inc. (TSXV:ZNC.H) (“Zincore” or the “Company”) is pleased to provide the following update on the proposed reverse takeover transaction with Mines & Metals Trading (Peru) PLC (“MMTP”) as originally announced on January 21, 2019 (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.Zincore and MMTP continue to pursue the Transaction as provided in the letter of intent dated January 13, 2019 (the “LOI”). Conditions in the LOI relating to entry into a definitive agreement have been extended to August 30, 2019.Zincore President and CEO, Jorge Benavides, commented, “Both parties are committed to successfully concluding this transaction. This is evidenced by the loans MMTP have extended to Zincore to meet its ongoing obligations, including payments to maintain our property claims in Peru.” Preliminary Transaction - Loan MMTP and Zincore have agreed to increase the maximum loan amount to be made available by MMTP to Zincore pursuant to a facility (the “Facility”) established in accordance with the LOI to provide Zincore with funds necessary to conduct its operations until closing of the Transaction. To date, MMTP has advanced to Zincore loans under the Facility of approximately US$238,000 to effect mutually agreed upon payments, including the maintenance of Zincore’s property claims. Interest will accrue on the principal amount advanced pursuant to the Facility from the dates of such advances, as well as all overdue amounts outstanding in respect of interest, at the rate of 10% per annum, calculated daily and compounded monthly. Any obligations of Zincore under the Facility that are outstanding at the time of closing of the Transaction shall be assumed by the Resulting Issuer.Debt Settlement The Transaction is conditi...