Zincore Closes Private Placement Financing
P R E S S R E L E A S E
ZINCORE CLOSES PRIVATE PLACEMENT FINANCING
Not for distribution to U.S. news wire services or dissemination in the United States
Vancouver, B.C. July 6, 2010 – Zincore Metals Inc. (ZNC-TSX) (“Zincore” or the “Company”) is pleased to announce that it has closed the non-brokered private placement announced June 28, 2010, for gross proceeds of C$2,908,000.
Zincore President and CEO Jorge Benavides commented, “We are very pleased to have completed this placement at a premium to our market price. This is a testament to the faith investors have placed in our Company and its plans. These funds will enable us to commence the in-fill drilling at our Accha and Yanque Projects in southern Peru, which we hope will move us closer to the feasibility stage. The funds will also allow us to further the exploration at our other properties, including our Gatineau prospect in Quebec, Canada.”
The offering of 8,308,572 units was priced at C$0.35 per unit. Each unit was comprised of one common share and one-half, non-transferable, common share purchase warrant. Each whole share purchase warrant entitles the holder to purchase one common share at C$0.45 for up to two years. One insider (which insider is neither a director nor an officer) of the Company participated in the private placement on the same terms as arm’s length investors, and shareholdings of that insider in the Company increased as a result of such participation. The Company has been advised that the shares were acquired for investment purposes.
About Zincore
Zincore is a Vancouver-based mineral exploration company focused mainly on zinc and related base metal opportunities in the Americas, namely Peru, Mexico and Canada. The Company’s common shares trade on both the Toronto and Lima Stock Exchanges under the symbol ZNC. For more information, please see our website at www.zincoremetals.com
Forward-looking Statements Statements in this release that are forward-looking are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Annual Information Form of Zincore dated March 12, 2010 which is filed with Canadian securities regulatory authorities and available on SEDAR (www.sedar.com). Such information contained herein represents management's best judgment as of the date hereof based on information currently available.
For more information please contact:
Zincore Metals Inc.
Adam Ho, Manager, Investor Relations (604) 329-1009 [email protected]
SUITE 1650, 701 WEST GEORGIA STREET, PO BOX 10102, VANCOUVER, BC V7Y 1C6 CANADA T 604.669.6611 F 604.669.6616 E [email protected] W www.zincoremetals.com