Zincore Negotiates a Second Agreement to Further Reduce Working Capital Deficit
Vancouver, British Columbia (FSCwire) - Zincore Metals Inc. (NEX: ZNC.H) (“Zincore” or the “Company”) reports that its Peruvian subsidiary, Exploraciones Collasuyo S.A.C., (“Collasuyo”) has entered into an agreement (the “Creditor Agreement”) with a creditor of the Company to turn a current payable amount owing of US$287,792.02 into a long term debt obligation. This Creditor Agreement is subsequent to, and in addition to similar agreements announced by the Company on December 14, 2017, whereby the Company entered into agreements totalling US$272,125.29 with the Company’s CEO, Jorge Benavides, to turn current amounts owing and other payables into long term debt obligations.
Adam Ho, CFO, commented, “One of our main goals is to move our exchange listing from the NEX Exchange to the TSX-V, where we believe we may have better visibility and liquidity for investors seeking to invest in our shares as a junior zinc exploration company. To that end, we have made tremendous progress in 2017 in restructuring our debts to reduce our working capital deficit and move closer to meeting the TSX-V listing requirements”.
Zincore President and CEO, Jorge Benavides further commented, “Right now there is a great deal of investor interest in zinc companies, which we believe is driven by strong fundamentals for the underlying zinc market over the next few years. Given our firm belief in these fundamentals, we have held onto the key claims which make up our Accha Zinc Oxide District Project in southern Peru at all costs and look to take advantage of market sentiment to deliver value to our shareholders in 2018”.
According to the Creditor Agreement, the new long term obligation (the “Obligation”) will mature and become due and payable 20-months after Zincore completes a financing for a minimum of C$600,000. The Obligation will be subject to an interest rate of 12-month LIBOR, with the principal and applicable interest due at maturity. The Obligation will be guaranteed by Zincore. In the event that the Company is unable to pay the Obligation when it is due, it will be subject to an additional 2% annualized penalty.
About Zincore
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.
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.
For more information please contact:
Zincore Metals Inc.
Adam Ho, CFO
(604) 669-6611
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.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/Zincore12222017.pdf
Source: Zincore Metals Inc. (TSX Venture:ZNC.H, OTC Bulletin Board:ZCRMF)
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