ZincOx Resources PLC Receipt of Sale Proceeds and Loan Notes repayment (0839V)

TIDMZOX

RNS Number : 0839V

ZincOx Resources PLC

25 January 2017

25 January 2017

ZincOx Resources plc

("ZincOx", the "Company" or the "Group")

Receipt of Sale Proceeds and repayment of Loan Notes

ZincOx Resources plc ("ZincOx" or "the Company") is pleased to announce that it has received the first tranche of the sale proceeds amounting to USD7,000,000 pursuant to the Sale and Purchase Agreement announced on 12 January 2017.

This tranche has been used to repay the Company's Corporate Loan Notes ("the Notes"), which together with accrued interest amounts to approximately USD4,850,000 (GBP3,970,282). The Notes were secured against land in Turkey which is being held for sale.

Commenting on the announcement, Andrew Woollett, ZincOx's CEO, said: "The receipt of these funds has meant that we have been able to repay the loan notes and now have a debt free Company and approximately USD2,000,000 to provide funds for us to work on rebuilding it."

This announcement contains inside information for the purposes of Article 7 of regulation 596/2014.

For further information, please go to: www.zincox.com or contact:

 
 ZincOx Resources plc               Tel: +44 (0) 127 
                                     645 0100 
 Andrew Woollett 
 Peel Hunt LLP (Nominated Adviser   Tel: +44 (0) 207 
  and Broker)                        418 8900 
 Richard Kauffer 
  Euan Brown 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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January 25, 2017 04:54 ET (09:54 GMT)