Zincore Negotiates Payables Agreements to Reduce Working Capital Deficit
P R E S S R E L E A S E
SUITE 202, 5626 LARCH STREET, VANCOUVER, BC V6M 4E1 CANADA
T 604.669.6611 E [email protected] W www.zincoremetals.com
ZINCORE NEGOTIATES PAYABLES AGREEMENTS TO
REDUCE WORKING CAPITAL DEFICIT
Vancouver, B.C. December 14, 2017 – Zincore Metals Inc. (NEX: ZNC.H ) (“Zincore” or the “ Company”) reports
that the Company and its Peruvian subsidiary, Exploraciones Collasuyo S.A.C., (“Collasuyo”) have entered into
agreements (the “Creditor Agreements”) with the Company’s CEO to turn current amounts owing and other payables
into long term debt obligations.
Adam Ho, CFO, commented, “By restructuring these amounts as long term obligations, we will redu ce our working
capital deficit. We believe that this will help us move closer to meeting the listing requirements to move from the NEX
Exchange to the TSX-V”.
Mr. Ho further commented “ We have made trem endous progress during 20 17 in restructuring our debts through
negotiated settlements, shares for debt agreements and now these long-term Creditor Agreements. We hope that this
progress will be noted by investors, especially given the current market interest in zinc co mpanies and our belief in
strong fundamentals for the underlying zinc market over the next few years”.
The total amount of debt that is subject to the se Creditor Agreements is US$272,125.29 in amounts owing to the
Company’s President, CEO and Director of the Company, Jorge Benavides, for loans provided to the Company and
outstanding fees.
According to the Creditor Agreements, the new long term obligations (the “Obligations”) will mature and become due
and payable 20 -months after Zincore completes a financing f or a minimum of C$600,000. The O bligations will be
subject to interest rates of 12-month LIBOR, with the principal and applicable interest due at maturity. The Obligations
will be guaranteed by Zincore. In the event that the Company is unable to pay the Obligations when they are due,
they will be subject to an additional 2% annualized penalty.
About Zincore
Zincore is a Vancouver -based mineral exploration company focused on zinc and related base metal opportunities in
Peru. The Company’s common shares trade on the NEX Board of the TSX Venture Exchange under the symbol
ZNC.H. For more information, please see our website at www.zincoremetals.com
Neither the 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.
For more information please contact:
Zincore Metals Inc.
Adam Ho, CFO
(604) 669-6611
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