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.
Forward-Looking Statements
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.