Zinc One Announces Forrester Repays Debts Due on April 28, 2017
April 28 2017 (Source) — Zinc One Resources Inc. (TSX-V: Z) (OTC PINK: ZZZOF) (FSE: RH33) (“Zinc One“) and Forrester Metals Inc. (“Forrester”) announce that Forrester has repaid its matured debt that was due on April 28, 2017 in the amount of $910,225, which amount includes the portion of the 12% convertible debentures that were not converted to shares under the Plan of Arrangement and two shareholder loans. The funds to repay these matured debts were advanced by Zinc One pursuant to the terms of a short term loan agreement to provide bridge funds in advance of closing of the Plan of Arrangement. The loan has a maturity date of August 31, 2017 with interest compounded at an annual rate of 2%. Zinc One and Forrester plan to close the Plan of Arrangement in early May once the $10,000,000 Zinc One private placement financing has closed and regulatory approvals have been received. The Plan of Arrangement between Forrester and Zinc One was overwhelmingly approved by Forrester shareholders and the Ontario Superior Court of Justice issued a final order approving the transaction (see press releases of April 24, 2017 and April 27, 2017).
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.
About Forrester Metals Inc.
Forrester Metals is a Canadian mining company focused on the exploration and development of Peru’s mineral potential. Forrester has six projects including two zinc properties, Azulcocha West and the Bongará Zinc Mine and the Charlotte Bongará Zinc Project.
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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. Each of Zinc One and Forrester 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 each of Zinc One and Forrester’s limited operating history, ability to complete the proposed Transaction (including obtaining all necessary shareholder and 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, neither Zinc One nor Forrester undertakes no obligation 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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