Ohio Bond Facility Update

 

TIDMZOX 
 
RNS Number : 6703M 
ZincOx Resources PLC 
03 February 2009 
 

ZincOx Resources Plc 
("ZincOx" or "the Company") 
 
 
Ohio Bond Facility Update 
 
 
In July 2008 Zincox entered into a US$48 million three-year bond facility ("the 
Bond Facility") for the purpose of part-funding the Company's Ohio Recycling 
Project. The terms of the Bond Facility were given in the Company's announcement 
on 13 June 2008. 
 
 
The Company has been examining various ways to optimise the scheduling of its 
cash deployment and to reduce costs, so as to conserve its cash position as it 
develops its first recycling project in the USA. These options would not require 
a draw down of the full Bond Facility and following an approach from two of the 
holders, the Company has agreed to receive US$1.1 million from these holders in 
consideration for the cancellation of US$11 million part of the Bond Facility, 
which has now been reduced to US$37m. 
Following the recent receipt of the deferred payment in respect of the 
Shaimerden Mine for 2008, the company also holds approximately GBP62 million in 
cash. 
The Chairman, Andrew Woollett says: "We continue actively to progress our plans 
for the recycling of steel industry waste in the USA but in parallel, we are 
always seeking to reduce costs and conserve our cash position, particularly in 
these very turbulent market conditions." 
 
 
 
 
For more information please contact: 
 
 
Andrew Woollett, ZincOx Resources plc 
 Tel: [phone] 
 
 
John Harrison (Nominated Adviser) 
James Black (Corporate Broker) 
Numis Securities 
Tel: [phone] 
 
 
Charlie Geller, Conduit PR 
Tel (Direct) : [phone] 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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