Less Ads, More Data, More Tools Register for FREE

ZincOx acquires Korea Zinc for $7.95m

Thu, 12th Jan 2017 12:30

(ShareCast News) - ZincOx Resources, an AIM listed company that recycles hazardous waste generated from recycling steel scrap, has announced that it has entered into a sale and purchase agreement with Korea Zinc company (KZC) with regard to the company's remaining interest in Zinc Oxide corporation, owner of the Korean Recycling Plant (KRP).KZC has agreed to pay a total of $7.95m in two tranches for the remaining interest in ZOC, of which $7m is to be paid within three weeks and the balance once KZC has completed various procedural requirements in Korea.The proceeds from the sale will be used to repay the company's corporate loan notes which together with accrued interest amounts to around $5m and the balance will be used to progres other projects.Chief executive Andrew Woollett 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."The share price rose 5.56% to 0.425p at 1252 GMT on Thursday.

Related Shares

More News
23 Jan 2017 10:36

ZincOx Resources teams up with Korea Zinc to start up plant in Vietnam

(ShareCast News) - ZincOx Resources, an AIM-listed company that recycles hazardous waste generated by recycling steel scrap, has entered into a joint-...

24 Nov 2016 12:38

ZincOx Resources and Korea Zinc Co in Vietnam recycling plant JV

(ShareCast News) - ZincOx Resources and Korea Zinc Company Ltd (KZC) have entered a Memorandum of Understanding (MoU) for the joint design and develop...

28 Sep 2016 11:20

ZincOx operating loss widens amid viability concerns

(ShareCast News) - ZincOx Resources announced its unaudited half yearly results for the six months to 30 June on Wednesday, with revenue of $0.64m mor...

28 Sep 2016 09:43

WINNERS & LOSERS SUMMARY: UK Mail Jumps On Deutsche Post Cash Offer

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.