VANCOUVER, Jan. 16, 2012 /CNW/ - Zimtu Capital Corp. (TSXv: ZC; FSE: ZCT1) (the "Company" or "Zimtu") announces that it has agreed to a share sale transaction pursuant to which Zimtu will sell a total of 4,750,000 common shares of Triple Dragon Resources Inc. ("Triple Dragon"), representing 19% of Triple Dragon's issued and outstanding share capital.
The shares will be sold in private transactions to a total of 3 individuals at a price of $0.04 per share. The shares will be sold below market price to provide financial incentive to the purchasers who will take over leadership of Triple Dragon and its business. Zimtu will remain the owner of about 50% of the outstanding shares of Triple Dragon. Under the terms of the sale, the buyers have agreed to the escrow of their shares with timed release over 3 years. The sale is being made to three persons who are arm's length to Zimtu.
New Appointment to Board of Directors
Zimtu Capital Corp. is please to announce the appointment of Sean Charland to the Board of Directors. Sean Charland is a seasoned communications professional with experience in raising capital and marketing resource exploration companies. His network of contacts within the financial community extends across North America and Europe. Mr. Charland also serves as a Director of Pacific Polar Energy Group.
About Zimtu Capital Corp.
Zimtu Capital Corp. invests in, creates and grows natural resource companies thereby providing a way for shareholders to indirectly participate and profit in the public company building process. The Company also provides mineral property advisory services helping to connect companies to properties of interest.
Zimtu Capital trades on the TSX Venture Exchange under the symbol "ZC" and the Frankfurt Stock Exchange under the symbol "ZCT1."
On Behalf of the Board of Directors
ZIMTU CAPITAL CORP.
President & Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements in this news release include that the sale of shares of Triple Dragon Resources Inc. will close.
It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Risks and uncertainties include, but are not limited to, economic, competitive, governmental, environmental and technological factors that may affect the Company's operations, markets, products and prices. Readers should refer to the risk disclosures outlined in the Company's Management Discussion and Analysis of its audited financial statements filed with the British Columbia Securities Commission.
For further information:
For more information please visit the corporate website at http://www.zimtu.com or contact:
Toll Free: 1.877.377.6222