ZincOxResources Plc said April 29 that Korea Zinc Co. Ltd. now owns 90% of — ownerof a Korean recycling plant.
The company has a 10% interest remaining in ZincOx Korea.
Korea Zinc has provided financial support through thistransition period with a loan amounting to US$5.4 million.
The directors expect the US$5.4 million loan to be capitalized,which would further decrease the company's interest in ZincOx Korea to about9.2%.
ZincOx Korea's share structure has been reorganized so that90% of the shares will be valued at US$57.1 million giving an imputed value toZincOx Korea of US$63.4 million, of which ZincOx Resources Plc holds 10%.
In addition, apart from the loan of US$5.4 million referredto above, there is no further debt in ZincOx Korea.
ZincOx's failure to raise at least US$5 million by end of 2015 forced thecompany to transfer 90% of its interest in its Korean subsidiary ZincOxResources (Korea) to Korea Zinc.