ZincOx Resources PLC Share Dealing Arrangements (6117I)

TIDMZOX

RNS Number : 6117I

ZincOx Resources PLC

01 September 2016

1 September 2016

ZincOx Resources plc

("ZincOx" or the "Company")

ZincOx's Share Dealing Arrangements

As previously announced, following the reduction of the Company's interest in its principal asset, the Korean Recycling Plant, under the AIM Rules, the status of the Company is currently that of an AIM Rule 15 cash shell. In the absence of a reverse takeover, the rules provide for the continued quotation of the Company's shares until the 28th October 2016, when the shares will be suspended from trading and six months thereafter the Company would no longer be admitted to trading on AIM.

ZincOx's management continues to look for a project around which the Company could be re-built so that its shares could be publicly traded and a number of opportunities are being examined. Obtaining a suitable project remains the Company's absolute priority but, in addition, the Company is seeking to realise the maximum value of its existing assets. The Board believes that the strategic objectives of the Company are currently best served by its shares being unquoted. In view of the above and following discussions with its advisors, the Board has decided not to proceed with use of the ISDX market as a further platform for the trading of the Company's shares, as referred to in previous announcements.

In addition to the Company's considerable technical know-how and intellectual property, the Company maintains an 8.7% interest in the Korean Recycling Plant and owns a valuable plot of industrial land in Turkey. However, it should be noted that the Company has corporate loan notes amounting to GBP3.78 million which have interest accruing from 1st August 2016 at the rate of 10% per annum and which is due for repayment in January 2018.

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

For more information please contact:

 
 
                                        Tel: +44 (0) 127 
 ZincOx Resources plc                   645 0100 
 Andrew Woollett, Chief Executive 
  Officer 
 
   Peel Hunt LLP (Nominated Adviser     Tel: +44 (0) 207 
   and Joint 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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September 01, 2016 02:00 ET (06:00 GMT)