TORONTO, May 11, 2012 /CNW/ - Inversiones Pacasmayo S.A. ("Inversiones") has disposed of 22,953,871 common shares ("Shares") of Zincore Metals Inc. (the "Issuer") pursuant to a share purchase agreement (the "Agreement") between FQM (Peru) Ltd. ("FQM") and Inversiones dated May 8, 2012. The 22,953,871 Shares represent approximately 10.9% of the presently issued and outstanding Shares of the Issuer. Following the completion of the sale of the Shares pursuant to the Agreement, Inversiones owns 19,383,272 common shares of the Issuer, or approximately 9.2% of the Issuer's presently issued and outstanding common shares.
The 22,953,871 Shares were disposed of at an effective price of approximately $0.1616 per Share, for aggregate cash consideration of $3,709,554.89. The Shares were disposed of to FQM in reliance on the "accredited investor" exemption set out in section 2.3 of National Instrument 45-106 - Prospectus and Registration Exemptions.
Inversiones disposed of the Shares as they represent a non-core asset.
Inversiones Pacasmayo S.A. engages in the purchase, sale, and brokerage of securities. The company, through its subsidiary, Cementos Pacasmayo, S.A.A, produces, distributes, and sells cement, cement blocks, and aggregates, as well as concrete, lime, iron, and other construction materials. It markets its products in the Peruvian Rainforest and the northern region of Peru. Inversiones Pacasmayo, S.A. was founded in 1949 and is based in Lima, Peru.
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