ZincOx Resources PLC Sale of Remaining Interest in KRP (0022U)
2017年1月12日 - 5:44PM
RNSを含む英国規制内ニュース (英語)
TIDMZOX
RNS Number : 0022U
ZincOx Resources PLC
12 January 2017
12 January 2017
ZincOx Resources plc
("ZincOx", the "Company" or the "Group")
Sale of Remaining Interest in KRP
ZincOx Resources plc ("ZincOx" or "the Company") is pleased to
announce that on 11 January 2017 it entered into a Sale and
Purchase Agreement ("SPA") with Korea Zinc Company Limited ("KZC")
in regard to the Company's remaining interest in Zinc Oxide
Corporation ("ZOC"), formerly known as ZincOx Korea Limited, owner
of the Korean Recycling Plant ("KRP").
KZC has agreed to pay a total of USD 7,950,000 in two tranches
for the remaining interest in ZOC, of which USD 7,000,000 is to be
paid within three weeks and the balance once KZC has completed
various procedural requirements in Korea. In the event that the
second tranche is delayed by nine months, interest will start to be
paid at five per cent. per annum on the amount outstanding. It is
anticipated that the second tranche will be paid within six months
and in the meantime the shares will be held by KZC in escrow. The
carrying value of this asset shown in the Interim Statement of the
Company at 30 June 2016 was USD 5,800,000; thus this transaction
results in a gain of approximately USD 2,000,000.
The proceeds from the sale will be used to repay the Company's
Corporate Loan Notes, which together with accrued interest amounts
to approximately USD 5,000,000 (GBP 4,000,000). The balance will be
used to progress other projects upon which we have been
working.
Commenting on the announcement, Andrew Woollett, ZincOx's CEO,
said: "The sale will enable the Company to pay off all its debt and
provide sufficient funds for us to work on new and exciting major
projects around which the Company can be rebuilt"
This announcement contains inside information for the purposes
of Article 7 of regulation 596/2014.
For further information, please go to: www.zincox.com or
contact:
ZincOx Resources plc Tel: +44 (0) 127
645 0100
Andrew Woollett
Peel Hunt LLP (Nominated Adviser Tel: +44 (0) 207
and Broker) 418 8900
Richard Kauffer
Euan Brown
This information is provided by RNS
The company news service from the London Stock Exchange
END
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January 12, 2017 03:44 ET (08:44 GMT)
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