2nd Feb 2016 08:29
LONDON (Alliance News) - ZincOx Resources PLC on Tuesday said it has agreed a conditional placing to raise GBP205,000 to back work on developing its technology outside the South Korean market.
The company said it will issue 20.5 million shares at 1.0 pence per share, an 82% premium to its closing price in Monday. Shares in the company were up 50% on the news to 0.825 pence, one of the best performers in the AIM All-Share in early trade.
ZincOx said the funding will provide it with the necessary space to review options for its future once the transfer of 90% of its interest in its Korean subsidiary is moved to Korea Zinc.
It intends to focus on exploring the potential to develop its Rotary Hearth Furnace and Consecutive Metal Leaching zinc dust recycling technologies outside the Korean market.
By Sam Unsted; [email protected]; @SamUAtAlliance
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