RE : still here28 May 2018 18:10
Did you see this Long Trek
ZincOx Resources plc (�ZincOx� or �the Company�) is pleased to announce that on 16
th April 2018 it
entered into a Sale and Purchase Agreement (�SPA�) with Korea Zinc Company Limited (�KZC�) in
regard to the Company�s interest in Zinc Oxide Corporation Vietnam (�ZOCV�), the company
established to develop the Vietnamese Recycling and Upgrading Plant (�VRUP�).
The Company has, on the same date, entered into a Technical Assistance and Marketing Support
Agreement (�TAMSA�) with ZOCV, in order to provide support for VRUP.
Under the SPA KZC has agreed to pay USD 1,250,000 for ZincOx�s 49% interest in ZOCV, by 30th April
2018.
Under the TAMSA, ZOCV has agreed to pay, by 15thMay 2018:
- USD 1,184,210 as an upfront technical assistance fee
- a lump sum Licence Fee of USD 500,000 less tax
In addition, it has agreed to pay two further sums in the future:
- the sum of USD 284,210, per annum, for a period of eight years, commencing on commercial
production from VRUP. The annual payments could be postponed in the event that ZOCV has no profit
after tax in any one year.
- a marketing support fee of USD 2.84 per metric tonne of industrial quality zinc oxide chemical
sold will be paid for a period of five years from the commencement of commercial production, which
is expected to amount to about $85,000 per annum.
The proceeds from the sale will be added to the Company�s existing funds and used to identify and
progress other projects