04:19:26 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
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Zacapa Resources Ltd
Symbol ZACA
Shares Issued 50,153,280
Close 2022-09-30 C$ 0.155
Market Cap C$ 7,773,758
Recent Sedar Documents

Zacapa Resource completes split of Au, Cu assets

2022-10-03 09:24 ET - News Release

Mr. Adam Melnik reports

ZACAPA COMPLETES INTERNAL REORGANIZATION AND ANNOUNCES INTENTION TO ARRANGE COPPER ASSETS INTO A SEPARATE COMPANY

Zacapa Resources Ltd. has completed an internal reorganization, splitting its gold and copper assets into separate wholly owned Nevada subsidiaries. Zacapa Gold Corp. now holds South Bullfrog in the Beatty district of Nevada and Miller Mountain in Idaho. Zaya Resources holds the Red Top and Pearl porphyry copper projects in Arizona. The board of directors of Zacapa is considering a transaction, or series of transactions, to maximize Zacapa's asset portfolio whereby Zacapa's copper assets currently held in Zaya would ultimately be held in another publicly listed company and existing Zacapa shareholders would hold their interests in two companies relative to their shareholdings in Zacapa. Zacapa Gold will focus on drilling Bullfrog and Miller Mountain, while Zaya or the resulting issuer of Zaya, pending the potential transaction, will capture additional long-term value of the copper assets for Zacapa shareholders as a separate publicly listed company.

Upcoming financing

It is anticipated that the financing announced on Sept. 29, 2022, will be the final financing before the board makes a decision and undertakes the potential transaction. As the potential transaction will be completed subsequent to the closing of the upcoming financing, subscribers in the upcoming financing will automatically acquire a direct interest in both entities relative to their shareholdings in Zacapa following completing of the potential transaction.

Anticipated terms of the potential transaction

If the board determines to proceed with the potential transaction, the potential transaction is likely to occur by way of a plan of arrangement under the Business Corporations Act (British Columbia) and will likely require the approval of the Zacapa shareholders. Details of such meeting will be provided upon announcement. It is also anticipated that the potential transaction will be subject to other customary approvals, including approval by the Supreme Court of British Columbia and the TSX Venture Exchange.

A final decision has not been made and there can be no assurance that this proposed potential transaction or any other similar transaction will be consummated. Zacapa will provide further updates at such time as the board approves a specific transaction or otherwise concludes that disclosure is necessary or appropriate.

About Zacapa Resources Ltd.

Zacapa is a copper-focused mineral exploration company engaged in responsible exploration for the new energy economy. Its projects are concentrated in world-class jurisdictions in the southwest United States, including Arizona, Nevada and Idaho. The portfolio includes porphyry copper projects at Red Top and Pearl and epithermal gold projects at South Bullfrog and Miller Mountain. These assets are being advanced by a highly disciplined and seasoned professional team with successful records of discovery, resource development and mine permitting.

We seek Safe Harbor.

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