Business
Zara Offer for 19.9% of Visible Expires
Toronto, Ontario--(Newsfile Corp. - July 26, 2013) - Zara Resources Inc. (CNSX: ZRI) ("Zara") ...
About this update from Visible Gold Mines Inc.
[{"type":"text","content":"\nZara Offer for 19.9% of Visible ExpiresToronto, Ontario--(Newsfile Corp. - July 26, 2013) - Zara Resources Inc. (CNSX: ZRI) (\"Zara\") announces that its Offer to purchase up to 19.9% of the shares of Visible Gold Mines (TSXV: VGD) (\"Visible\") has now expired. Danny Wettreich, the CEO of Zara, stated \"Since our Offer was made on June 10th 2013, the price of Visible shares has risen from $0.015 to $0.03, an increase of 100%. As the Visible directors could make no credible defense of their appalling record, they have hastily acquired some shares to narrow the gap between the pre-offer market price and the Zara Offer. Prior to Zara's Offer the Visible directors record was a 96% decline in the Visible share price, while they received $769,585 in fees and wasted over $12,000,000 of shareholders' funds. The Visible directors have also claimed a dubious technicality to ignore the fact that I have requisitioned a Special Meeting of Visible shareholders to replace the existing directors.\" Zara is pleased that its activist intervention has clearly benefited Visible shareholders, and Zara is now considering further action. About Zara Resources Zara is a Toronto based mineral company developing its Forge Lake gold project and its Pigeon River nickel-copper project in Ontario, Canada. It continues to seek the acquisition of other Canadian natural resource properties. For more information please see www.ZaraResourcesInc.com or contact Danny Wettreich at (647) 931-9775 or [email protected] Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business and trading in the common stock of Zara Resources Inc. The forward-looking information is based on certain key expectations and assumptions made by the company's management. Although the company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the company can give no assurance that they will prove to be correct. These forward-looking statements are made as of the date of this press release and the company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future even...