VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 24, 2011) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Zincore Metals Inc. (News - Market indicators)(BVLAC:ZNC) ("Zincore" or the "Company") is pleased to announce a brokered private placement of common share units for maximum proceeds of $8.0 million on a best efforts basis. Units will be priced at $0.35 per Unit and comprised of one common share and one-half common share purchase warrant. The warrants will be non-transferable and each whole share purchase warrant will entitle the holder to purchase one common share at $0.50 for up to 24 months. Dundee Securities Ltd. will act as the sole agent on this financing.
The net proceeds of the offering will be used to fund the development of Zincore's mineral properties in Peru and for general corporate purposes.
The common shares issued with respect to this equity offering will be subject to a four month hold period in accordance with applicable Canadian securities laws.
The closing of this equity offering is expected to occur on or about June 9, 2011 and is subject to receipt of all necessary regulatory approvals including that of the Toronto Stock Exchange.
Any participation by insiders of the Company in the Offering, which participation will be subject to the approval of the independent directors of the Company, will be on the same terms as the arm's length investors and at or below their current pro-rata percentage ownership.
This press release is not an offer of securities for sale in the United States. The common shares being offered have not been and will not be registered under the United States Securities Act of 1933 and accordingly are not being offered for sale and may not be offered, sold or delivered, directly or indirectly within the United States, its possessions and other areas subject to its jurisdiction or to, or for the account or for the benefit of a U.S. person, except pursuant to an exemption from the registration requirements of that Act.
About Zincore
Zincore is a Vancouver-based mineral exploration company focused mainly on zinc and related base metal opportunities in the Americas, namely Peru, Mexico and Canada. The Company's common shares trade on both the Toronto and Lima Stock Exchanges under the symbol ZNC. For more information, please see our website at www.zincoremetals.com.
Forward-looking Statements: Statements in this release that are forward-looking are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Annual Information Form of Zincore dated March 18, 2011 which is filed with Canadian securities regulatory authorities and available on SEDAR (www.sedar.com). Such information contained herein represents management's best judgment as of the date hereof based on information currently available.
