Ohio Bond Facility Update

 

TIDMZOX 
 
RNS Number : 4181O 
ZincOx Resources PLC 
06 March 2009 
 

 
 
 
 
ZincOx Resources Plc 
("ZincOx" or "the Company") 
 
 
Ohio Bond Facility Update 
 
 
Further to the Company's announcement on 3 February 2009 regarding cancellation 
of part of the US$48 million three-year bond facility ("the Bond Facility"), the 
Company has now agreed to cancel a further US$22 million of the Bond Facility. 
 
 
As explained in the Company's update announcement on 15 January 2009, the 
directors have been examining various ways to optimise the scheduling of the 
Company's cash deployment and to reduce costs, so as to conserve its cash 
position as it develops its first recycling project in the USA. The Company's 
current plans for funding the Ohio Recycling Project do not require a drawdown 
of the full Bond Facility.  The cancellation of a further $22 million of the 
Bond Facility will leave a total of $15 million outstanding. 
 
 
The holders of the $22 million of bonds have agreed to the cancellation of 
warrants over 1,375,000 ordinary shares in the Company, which were granted to 
them on signature of the Bond Facility. They have also agreed to make a payment 
to the Company representing the repayment of certain fees paid by the Company 
for the availability of the Bond Facility. 
 
Commenting on the announcement, Andrew Woollett, Executive Chairman said: "We 
consider this to be a sensible move in line with our current strategy of 
preserving cash whilst continuing to pursue our long term objectives. At the 
same time we are reducing potential shareholder dilution." 
 
 
 
 
 
 
For more information please contact: 
 
 
Peter Wynter Bee, 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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