Zinc One Announces Forrester Receives Court Approval for Plan of Arrangement
April 27, 2017 (Source) — Zinc One Resources Inc. (TSXV: Z) (OTC Pink: ZZZOF) (FSE: RH33) (“Zinc One or the Company”) is pleased to announce that Forrester Metals Inc. (“Forrester”) has appeared before the Ontario Superior Court of Justice and has received approval to proceed with the Plan of Arrangement with Zinc One, pursuant to which Zinc One will acquire all of the issued and outstanding common shares of Forrester (the “Arrangement”). The Arrangement is subject to Zinc One completing a private placement financing of $10,000,000. Upon this condition precedent being fulfilled and following receipt of TSX Venture and NEX approval for the transaction, the transaction will close.
Receives DTC Eligibility
The Company would also like to announce it has obtained DTC eligibility with the Depository Trust Company for its common shares in the United States. The Depository Trust Company (“DTC”) is a subsidiary of the Depository Trust & Clearing Corp. and manages the electronic clearing and settlement of publicly traded companies. Securities that are eligible to be electronically cleared and settled through the DTC are considered DTC eligible. This electronic method of clearing securities speeds up the receipt of shares and cash, and thus generally accelerates the settlement process for investors. The ability to have Zinc One’s shares trade electronically in the US provides greater convenience for investors and lowers the costs incurred in buying and selling shares. Benefits to Zinc One shareholders as a result of becoming DTC eligible include reducing the time for stock deposits and withdrawals into brokerage accounts as well as opening up access to trade Zinc One shares electronically that was not available prior to DTC approval, creating a significantly larger potential investor base.
About Zinc One Resources Inc.
Zinc One is a Vancouver based company focused on the acquisition, exploration and development of prospective and advanced zinc projects. Zinc One believes in the current and future fundamentals of the zinc supply and demand scenario and the continued growing demand for zinc in global industrial uses.
ON BEHALF OF THE BOARD OF DIRECTORS OF
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ZINC ONE RESOURCES INC.
CEO and President
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Zinc One cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond their respective control. Such factors include, among other things: risks and uncertainties relating to Zinc One’s limited operating history, ability to complete the proposed transaction with Forrester (including obtaining all necessary regulatory approvals), ability to close the private placement financing and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Zinc One does not undertake to publicly update or revise forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
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