29th Apr 2016 11:41
LONDON (Alliance News) - ZincOx Resources PLC on Friday said it has now completed the transfer of 90% of the shares of ZincOx (Korea) Ltd, which owns a recycling plant in Korea, to Korea Zinc Co Ltd.
Korea Zinc has been issued with new shares in ZincOx Korea through conversion of outstanding loans into equity.
Korea Zinc now owns 90% of ZincOx Korea, which in turn owns all of the recycling plant.
ZincOx Resources now holds a 10% interest in ZincOx Korea and through this, therefore, an indirect 10% interest in KRP.
The company said it's continuing its discussions with potential strategic and project specific partners for the development of new recycling projects. In the event it does not find a major project to replace the recycling plant within six months of date of transfer, being October 28, 2016, its shares will be suspended from AIM.
ZincOx said it may consider re-applying to have its shares admitted to AIM in the event its shares end up being cancelled from AIM. Cancellation would take place in the event ZincOx shares are suspended on AIM for six months.
The company said it plans to adopt a dual listing on the ICAP Securities & Derivatives Exchange to maintain a trading platform for shareholders.
"The management are working extremely hard to find a way forward for the company with several avenues being investigated and I look forward to updating shareholders in due course," Chairman Rod Beddows said.
Shares in Zincox Resources were down 14% at 0.670 pence on Friday.
By Samuel Agini; [email protected]; @samuelagini
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