VANCOUVER, March 28, 2017 /CNW/ - Zinc One Resources Inc. (TSX-V: Z) ("Zinc One") and Forrester Metals Inc. (TSX-V: VEM.H) ("Forrester") are pleased to announce, further to their news release on February 1, 2017 and March 7, 2017, that Forrester has obtained an interim order of the Ontario Superior Court of Justice in connection with the proposed plan of arrangement (the "Arrangement"). The interim order provides for, among other things, the holding of a special meeting (the "Special Meeting") of the holders of common shares of Forrester (the "Shareholders") to approve the Arrangement under the Ontario Business Corporations Act. The Special Meeting is scheduled to be held at the offices of Forrester, 130 King Street West, Suite 3680, Toronto, Ontario M5X 1B1 on Monday, April 24, 2017 at 10:00 a.m. (Toronto time). The record date for determining Shareholders entitled to receive notice of and vote at the Special Meeting was fixed at the close of business on March 20, 2017.
As previously disclosed, Forrester entered into an arrangement agreement with Zinc One pursuant to which Zinc One will acquire all of the issued and outstanding common shares of Forrester and, upon closing, Forrester will become a wholly owned subsidiary of Zinc One. Forrester's directors and senior officers have agreed to support the Arrangement and vote their common shares in favour of the Arrangement. The Board of Directors of Forrester has previously approved the Arrangement and has unanimously recommended that Shareholders approve the Arrangement.
The completion of the Arrangement is subject to certain conditions, including the receipt of the requisite approval from the Shareholders, the final approval (the "Final Order") of the Ontario Superior Court of Justice at an application which is scheduled for April 26, 2017, final acceptance by the respective stock exchanges on which Forrester and Zinc One trade, and other closing conditions customary in transactions of this nature. If all necessary approvals are obtained and the conditions to the completion of the Arrangement are satisfied or waived, it is currently anticipated that the Arrangement will be completed on or about April 30, 2017.
About Bongará Zinc Mine and Charlotte Bongará Zinc Project
The Bongará Zinc Mine zinc-oxide mineralization was discovered in 1974 and since then various companies have completed exploration programs across the area. The mineralization is concentrated along and proximal to a NW-trending anticlinal axis over approximately 2.5 kilometres. From the southeast edge of the project, the Mina Grande, Mina Chica and Bongarita mine areas were subject to sampling from pits and trenches as well as shallow drilling over a distance of approximately 1.2 kilometres. This zinc-oxide mineralization appears to continue to the northwest into an additional exploration area known as Campo Cielo, where additional high grade, zinc-oxide mineralization in historical pits and trenches.
The adjacent Charlotte Bongará Zinc Project was explored by Solitario Resources in 1994. Cominco Ltd. later completed five drill holes for 592 metres within the property, two of which encountered near-surface, high grade zinc oxide mineralization. Between 2007 and 2011, Rio Cristal Zinc optioned the project and eventually drilled 95 drill holes for a total of 7,722 metres on the Cristal and Charlita prospects. Rio Cristal drill results included 29.5% Zn across 15.5 metres, 26.1% Zinc across 12.5 metres, 29.7% Zinc across 11.5 metres (the cited intervals are drill-intercept widths and true widths are unknown).
About Zinc One Resources Inc.
Zinc One is a Vancouver based company focused on the acquisition, exploration and development of prospective and advanced zinc projects. Zinc One believes in the current and future fundamentals of the zinc supply and demand scenario and the continued growing demand for zinc in global industrial uses.
About Forrester Metals Inc.
Forrester Metals is a Canadian mining company focused on the exploration and development of Peru's mineral potential. Forrester has six projects including two zinc properties, Azulcocha West and the Bongará Zinc Mine and the Charlotte Bongará Zinc Project.
The technical content of this news release has been reviewed and approved by James Walchuck, CEO and director of Zinc One, and Bill Williams, CEO and Director of Forrester, each a qualified person as defined by National Instrument 43-101.
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Each of Zinc One and Forrester cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond their respective control. Such factors include, among other things: risks and uncertainties relating to each of Zinc One and Forrester's limited operating history, ability to complete the proposed Transaction (including obtaining all necessary shareholder and regulatory approvals), ability to close the Private Placement Financing and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, neither Zinc One nor Forrester undertakes no obligation to publicly update or revise forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Forrester Metals Inc.